Two strata office floors at GB Building on Cecil Street for sale

SINGAPORE (EDGEPROP) - Two strata office floors — Levels 16 and 23 — at GB Building on Cecil Street have been put on sale. The floors are 5,425 sq ft each and feature a regular and column-free layout. The sale will be via expression of interest, which closes on July 28. CBRE is the exclusive marketing agent.

Level 16 is currently leased to various clients. Its indicative price is $11.9 million, which is approximately $2,200 psf on strata area.

Level 23 has an indicative price of $12.7 million, which is approximately $2,350 psf on strata area. As it is to be sold with vacant possession, it can be immediately occupied for owner-occupiers.

Clemence Lee, senior director of capital markets at CBRE, says that compared to recent strata office transactions, the indicative prices for these two office floors at GB Building are “noticeably competitive”. Three office floors in the CBD were transacted this year: Level 11 at Samsung Hub at $49.8 million ($3,800 psf on strata area), Level 10 at Suntec Tower 1 at $37.1 million ($2,580 psf on strata area) and Level 33 at Suntec Tower 2 at at S$38 million ($3,209 psf on strata area).

CBRE expects strong interest from investors such as boutique real estate funds, family offices and high-net-worth individuals. The property is zoned for “commercial” use, which means that both locals and foreigners are eligible to purchase the property and there will be no additional buyer’s stamp duty or seller’s stamp duty imposed on the purchase.

GB building is a 26-storey office development situated at the junction of Cecil Street and McCallum Street. It is equipped with a three-level basement car park that fits a maximum of 105 vehicles. The building is within a three-minute walk under a sheltered walkway linked to Tanjong Pagar MRT Station on the East-West Line.

The building is within close proximity to retail, F&B, entertainment and lifestyle establishments at nearby developments, such as Asia Square, Frasers Towers, Capital Tower and OUE Downtown, as well as Amoy Street and Ann Siang Hill.