.jpg?IOorRIJEN7N55HGjJPMkuOYMEI58aztY&itok=x9J4khDs "The portfolio up for sale comprises a ground floor unit measuring 13,067 sq ft and an office floor spanning 12,594 sq ft (Picture: ETC)")
A portfolio of strata units at GB Building, a commercial development at 143 Cecil Street, is up for sale through an expression of interest (EOI) exercise with a guide price of $70 million. The portfolio comprises a ground-floor unit measuring 13,067 sq ft, which spans the first and second floors, and an office floor measuring 12,594 sq ft.
The ground-floor strata unit features a 45m full-glass frontage along Cecil Street. It has been approved for “Restaurant and Bar with Live Entertainment” use, says ETC, which is marketing the portfolio. The unit has a guide price of $45 million, which translates to $3,443 psf on the strata area.
The strata office floor has a guide price of $25 million, which works out to $1,985 psf. The units can be purchased individually or collectively.
The properties are zoned for commercial use, meaning that both Singaporeans and foreigners can acquire them, with no additional buyer’s stamp duty or seller’s stamp duty payable.
Map showing GB Building (Source: EdgeProp Landlens)
This is not the first time the units have been put up for sale. In August 2023, the ground-floor unit was put up for auction with a guide price of $46 million, or $3,520 psf.
In 2022, the ground-floor unit and the office floor were part of a portfolio being marketed for sale that also included the entire eighth floor, which spans 5,245 sq ft. The portfolio was priced at $69 million. Caveats lodged with URA show that the eighth floor was sold in January 2024 for $10.74 million, or $1,980 psf.
The most recent transaction at the GB Building was the sale of the entire 26th floor last October. The 5,500 sq ft floor was sold for $10.88 million ($1,978 psf), $1.32 million less than the $12.2 million asking price when it was launched for sale through an expression of interest exercise several months earlier.
The ground-floor unit and the office floor that are currently up for sale last changed hands in July 2021. The units transacted for $25.48 million ($1,950 psf) and $18 million ($1,429 psf), respectively.
Swee Shou Fern, head of investment advisory at ETC, says both units for sale are currently tenanted. She adds that the units are ideal for end-users looking to rightsize or consolidate operations into one central location for greater efficiency and for investors seeking to capitalise on the limited supply of strata commercial units in the CBD.
GB Building is a commercial development with a 99-year leasehold tenure from October 1982, which means it has about 56 years remaining on the lease. The 26-storey building also has a three-storey basement car park for 105 vehicles.
The EOI will close on April 15 at 3pm.
