Commercial building on Tras Street on the market for $88.8 mil

A freehold commercial building on Tras Street in the CBD has been launched for sale by tender with a guide price of $88.8 million. The 11-storey property has a total gross floor area (GFA) of about 38,818 sq ft, which means the price works out to $2,288 psf. 

The building occupies a 6,668 sq ft site that is zoned for commercial use with a plot ratio of 5.6 and a permissible building height of up to 35 storeys. Based on the current GFA, the building reflects a plot ratio of 5.82. It comes with six carpark lots and will also be sold with naming rights. 

The building also comes with six carpark lots (Picture: ETC)

The property is about 300m away from Tanjong Pagar MRT Station (East-West Line). It is also about 400m away from the upcoming Prince Edward Road MRT Station (Circle Line) that is scheduled to open in 2026. Amenities in the vicinity include retail offerings at 100 AM, Icon Villang and Tanjong Pagar Plaza.

Swee Shou Fern, ETC’s head of investment advisory, believes the property will appeal to a wide range of buyers. “The property’s versatility offers multiple pathways in terms of use — whether as a corporate headquarters, an investment asset with rental income or a redevelopment or asset enhancement opportunity,” she says. Swee adds that the building does not fall within areas where strata subdivision of commercial properties is restricted, providing the future owner the option for strata sales post-enhancement.

As a commercial property, the building is not subject to Additional Buyer’s Stamp Duty or Seller’s Stamp Duty. It is open to both local and foreign buyers.

Swee anticipates the property to generate strong interest given its price, noting that only two office buildings in the Central Area changed hands for less than $150 million in the past two years. According to ETC, Prinsep House, located at 31 Prinsep Street, was sold last year for $142 million, or $2,109 psf on its GFA, while Liberty House at 51 Club Street was sold for $92.2 million ($3,193 psf) in April 2023.

The tender will close on June 26 at 3pm.