CBRE is launching for sale two office floors – Level 9 and 16 – at Malacca Centre, a 16-storey commercial development strategically located in the heart of Raffles Place at 20 Malacca Street. The sale will be conducted by public tender, which will close on 17 June 2021 at 3pm.
CBRE is launching for sale two office floors – Level 9 and 16 – at Malacca Centre, a 16-storey commercial development strategically located in the heart of Raffles Place at 20 Malacca Street. The sale will be conducted by public tender, which will close on 17 June 2021 at 3pm.
The gross floor area of Level 9 is 1,830 square feet, while that of Level 16 is 2,142 square feet. Both levels are currently occupied.
The subject property can be sold individually or as a collective basis. Indicative prices for Level 9 and Level 16 are S$6 million (or S$3,278 per square foot) and S$6.88 million (or S$3,211 per square foot), respectively. Collectively, the guide price is S$12.88 million (S$3,242 per square foot).
Mr Michael Tay (郑兆能), Head of Capital Markets, Singapore at CBRE says, “Investors continue to show keen interest in Singapore as an investment destination. The strong confidence stems from our city’s economic and political stability, as well as a solid track record of real estate investments that provide growth in capital values. One such asset is strata office spaces which are highly sought after by family offices or high net worth individuals for wealth preservation.”
Mr Tay continues, “Against a tight office supply for the next three years, we expect investors to continue to keep an eye on this asset class so as to tap into any potential upside opportunities over the long term. Strata office space of freehold/999-year leasehold tenure in the CBD are rarely made available for sale. The last transaction seen at Malacca Centre was in March 2020 when Levels 11 and 12 were transacted for S$ 6.00 million and $5.82 million.”
One of the few 999-year leasehold commercial building that sits just above Raffles Place MRT Interchange, Malacca Centre also features retail units on the ground floor and basement level. The building greatly benefits from the coveted sheltered access to Raffles Place MRT Interchange and Downtown MRT station, as well as to nearby landmarks including Capita Spring, One Raffles Place, Republic Plaza.
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