Twenty strata office units at Parkway Centre for sale at $35 mil

By Tay Hock Meng / Cushman & Wakefield, The Edge Property | August 21, 2015 3:41 PM SGT
Cushman & Wakefield has launched the en masse sale of 20 strata-titled office units at Parkway Centre. The 20 office units have a total strata area of 21,646 sq ft and 65 years left on their 99-year leases. The portfolio has an indicative price of $34 million to $35 million, which translates into $1,550 to $1,600 psf, based on stratta area.
The office units range from 732 to 1,356 sq ft and there are six contiguous units with a combined strata area of 5,748 sq ft. The portfolio has a current occupancy rate of 78%, with tenants comprising enrichment and tuition centres, music schools and fitness & wellness centres. Parkway Centre is a 13-storey commercial building completed in the 1980s with retail units on the first storey and office units from the second to 13th storeys. It is located in the Marine Parade commercial hub, opposite Parkway Parade shopping centre and near the future Marine Parade MRT station, which is due to be completed in 2023. The closing date for the expression of interest is Sept 22.
Parkway Centre