Commercial Siakson Building on the market for $30 mil

SINGAPORE (EDGEPROP) - A commercial development named Siakson Building at 3 Miller Street is up for sale with an indicative guide price of $30 million. The guide price of the property works out to $3,971 psf on the maximum gross floor area of about 7,554 sq ft. The sale of the property is currently marketed by CBRE.

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Siakson Building is a five-storey commercial development within the City Hall submarket area. It is located at the junction of Victoria Street and Miller Street, and enjoys dual road frontage along both roads.

The development sits on a 1,798 sq ft plot with a 999-year land tenure. According to a press release from CBRE, the current land lease commenced in April 1827 and has a remaining tenure of about 804 years.

The development has a total floor area of about 5,000 sq ft. The site is zoned commercial with a plot ratio of 4.2 under the latest master plan. This means that locals and foreigners are eligible to purchase the property, with no additional buyer's stamp duty or seller’s stamp duty imposed on the transaction. (Find Singapore commercial properties with our commercial directory)

According to Joshua Giam, associate director of capital markets at CBRE, the property is expected to attract strong buying interest from investors and owner-occupiers. “Considering the ongoing rejuvenation in the vicinity, the buyer can expect to enjoy rental and capital value upsides in the near future, when the area is transformed into the next hotspot to live, work, and play,” says Giam.

Upcoming developments in the area include the mixed-use Guoco Midtown and Shaw Tower redevelopment. The area also boasts a diverse mix of cultural, entertainment, F&B, and lifestyle attractions.

He adds that the new owner has the option to explore a redevelopment or asset enhancement works to capitalise on the existing underutilised gross floor area of about 2,554 sq ft without incurring any development charge due to the high URA development baseline of the site, says Giam.

The sale of Siakson Building will be conducted through an expression of interest (EOI) exercise that closes on Sept 8.

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