Strata office floor at GB Building going for $10 mil

SINGAPORE (EDGEPROP) - A 5,209 sq ft office space on the 12th floor of GB Building will be put up for auction exclusively by Edmund Tie on May 25 with an opening price of $10 million ($1,919 psf). It is a bank sale. (See: Two strata office floors at GB Building on Cecil Street for sale)

The space consists of four amalgamated offices. “It offers views of the city and has a rectangular layout, with a general office space, meeting rooms, pantry and separate men and ladies toilets,” says Joy Tan, head of auction at Edmund Tie.

GB Building is located at 143 Cecil Street, at the junction of Cecil Street and McCallum Street. The 26-storey building comprises a three-storey retail podium and a 23-storey office tower with a three-level basement car park that can accommodate 105 vehicles. It is a 99-year leasehold development with effect from 1982.

Nearby MRT stations within a five-minute walk include Telok Ayer MRT Station, Tanjong Pagar MRT Station and the upcoming Shenton Way MRT Station. It is also near eateries such as Amoy Street Food Centre, Lau Pa Sat and Maxwell Food Centre.

“Investors looking for amalgamated commercial units within the CBD, especially larger corporations who prefer to occupy the whole level, will be attracted to the space,” says Tan.

“The next buyer will also be able to get immediate rental income,” she adds. The four amalgamated units are currently being occupied by an architectural firm. The property will be sold with tenancy and on an as-is-where-is basis.

According to rental contracts obtained this year, the median rental at GB Building ranges from $4.95 psf per month to $5.34 psf per month.

Recent transactions at GB Building in the past two years have ranged from $1,700 psf to $1,751 psf. In June last year, two strata office floors on levels 16 and 23 at GB Building, measuring 5,425 sq ft each, were put up for sale via an expression of interest. Level 16 had an indicative price of $11.9 million ($2,200 psf on strata area) and level 23 had an indicative price of $12.7 million ($2,350 psf) on the strata area.