Ground floor retail units at 15 Scotts on the market for $38.8 mil
/ EdgeProp Singapore |
15 Scotts (Picture: Cushman & Wakefield)
SINGAPORE (EDGEPROP) - The entire ground floor at 15 Scotts, a commercial building on Scotts Road, is up for sale via an expression of interest (EOI) exercise, according to a press release by marketing agent Cushman & Wakefield. Comprising two strata units, the property is going for $38.8 million.
The adjacent units measure 3,186 sq ft and 3,250 sq ft respectively, with a combined strata area of about 6,437 sq ft. The units are currently occupied by a luxury home interior décor brand and a premium spa facility.
Formerly known as Thong Teck Building, 15 Scotts is a prime freehold nine-storey commercial building located just off Orchard Road. The building underwent a comprehensive $15 million refurbishment in 2015 that included the upgrade of common areas and a new full-height curtain wall.
Map and overview of 15 Scotts (Source: EdgeProp LandLens)
Shaun Poh, Cushman & Wakefield’s executive director of capital markets, notes the property will allow the buyer to capitalise on Singapore’s thriving retail market. “The sale presents a unique chance for investors and businesses looking to establish a presence in a highly coveted location. Its freehold status allows for long-term value creation through future redevelopment or enhancement possibilities as the subject site has yet to maximise its plot ratio of 4.9 per URA Master Plan 2019,” he adds.
Poh also highlights the building’s floor plates allow for versatility in tenant repositioning to cater to changing demands of consumers. Based on past records, an ancillary café change of use approval was previously supported by relevant authorities. “Most importantly, as strata subdivision of commercial developments in Orchard Road is being restricted, the opportunity to own a piece of prime investment asset such as 15 Scotts is rare,” he continues. (Find Singapore commercial properties with our commercial directory)
The EOI exercise will close on June 30 at 3pm.
Recent transactions at 15 Scotts (Source: EdgeProp Research tool)
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