Retail and office podium in Raffles Place up for sale

By Bong Xin Ying
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - JLL Singapore and Cushman & Wakefield (C&W) are jointly marketing a retail podium and office space in Raffles Place. The guide prices are $5,000 to $5,500 psf on net lettable area (NLA) for the retail podium, and $3,000 to $3,300 psf on strata area for the office podium. The strata lots can be purchased individually or collectively.
30 Raffles Place (former Chevron House) is currently undergoing an asset enhancement initiative (AEI) programme. The refurbishment works cost about $100 million and are expected to be completed by 1Q2020. Major AEI works include a new mechanical & equipment plant, new façade work, upgrading of toilets, lifts and lift lobbies.
Specifically for the retail podium, the AEI works will also include the conversion of carpark to retail space, reconfiguration of layout, new end-oftrip facilities, structural strengthening and new façade works.
The retail podium consists of two strata lots and spreads across four floors, from Basement 2 to Level 2. It has a NLA of 51,376 sq ft and a strata area of 61,516 sq ft. It is currently 80% pre-committed to a mix of domestic and international tenants. The common walkway forms part of the strata area.
With significant frontage and a direct link from Basement 1 into the Raffles Place underground network and MRT station, it is one of the most recognisable commercial assets in Raffles Place. It has seamless connectivity and heavy footfall from the professionals working in and around the CBD.
The office podium at 30 Raffles Place consists of three strata lots and is located from Levels 3 to 5. It has a total strata area of 58,286 sq ft. It can be easily accessed via escalator from Level 1. Each floor features a floor-tofloor height of 4.2m to 5.14m. The office podium is highly visible from the Raffles Place commercial square and owner-occupiers/tenants can potentially have signage rights.
They will be marketed through an expression of interest exercise which closes on Oct 10, at 3pm.
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