Auction of two strata commercial units at GB Building for $46 mil: Huttons Asia
By Timothy Tay
/ EdgeProp Singapore |
The commercial units feature a rare duplex configuration and take up the first and second floors of the building, including a 32.6m ground-floor glass frontage that faces Cecil Street.
Two strata commercial units at GB Building will be put up for auction on Aug 16 by Huttons Asia. The indicative guide price is $46 million, according to the agency.
The commercial units feature a rare duplex configuration and take up the first and second floors of the building, including a 32.6m ground-floor glass frontage that faces Cecil Street. The units have a total floor area of 13,067 sq ft.
GB Building is a 99-year leasehold commercial development with about 58 years left on the land tenure. The 26-storey building also has a three-storey basement carpark for 105 vehicles.
The property is located at the corner of Cecil Street and Mccallum Street in the CBD. Surrounding commercial developments include Frasers Tower, Afro-Asia, Oxley Tower, SBF Centre, and Capital Tower.
The two commercial units are “highly coveted assets” in the CBD, and represent an opportunity for business owners, family offices, and investors who are interested in owning a versatile commercial space with large floor plates, says James Wong, head of sales and auction at Huttons Asia.
He adds: “The unique property, currently leased to a reputable nightlife entertainment operator until the first quarter of 2027, assures potential investors of a stable source of rental income.”
Huttons notes that GB Building also falls under the CBD Incentive Scheme, which is aimed at encouraging the redevelopment of ageing commercial buildings in the CBD into new mixed-use projects.
This is not the first time the two commercial units were put on the market. In March last year, they were part of a portfolio sale attempt that included office units on the third and eighth floors. The total guide price for the portfolio was $69 million.
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