SINGAPORE (EDGEPROP) – A portfolio of 33 strata office units on the same floor of Manhattan House at 151 Chin Swee Road has been put on the market for $24.5 million. In an Oct 11 press release, Edmund Tie, the exclusive marketing agent, announced that the portfolio will be sold via an expression of interest (EOI) exercise and that units can be bought individually or collectively.
The portfolio of 33 units comprises a total strata area of about 19,547 sq ft, with unit sizes ranging from 323 sq ft to 850 sq ft. The guide price works out to about $1,250 psf on the strata area. As the units are zoned for commercial use, foreigners are eligible to purchase the properties without paying for additional buyer’s stamp duty or seller’s stamp duty.
Swee Shou Fern, head of investment advisory at Edmund Tie, says that the portfolio is a rare opportunity for investors to acquire strata commercial units that are close to the CBD. She adds that the units are mostly tenanted, providing immediate income to the future buyer.
“The units are ideal for those seeking to streamline or consolidate operations into one central location for operational efficiency, as well as investors looking to capitalise on the limited supply of strata offices,” she adds.
Located in Outram (District 3), Manhattan House is a 99-year leasehold commercial building with a remaining lease of about 55 years. It comprises 16 storeys of 269 strata office units.
The building is within walking distance of the Chinatown MRT interchange station on the Downtown Line and North East Line. It is also adjacent to Pearl’s Hill City Park.
Manhattan House has seen five transactions to date this year. On Feb 7, three units, spanning a total strata area of about 20,000 sq ft on the fourth floor, were sold for $11 million ($550 psf).
On Jan 30, a 527 sq ft unit on the 12th floor was sold for $650,000, or $1,232 psf. In the same month, on Jan 2, a 344 sq ft unit on the 13th floor changed hands for $479,000 ($1,391 psf).
In January last year, Manhattan House attempted a collective sale at $280 million. But this attempt closed without a successful bidder. Before that, the owners of Manhattan House had made an en bloc attempt in September 2019 at a reserve price of $300 million, which was also unsuccessful.
The EOI exercise for the sale of the portfolio of 33 strata office units closes on Nov 12.
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