Commercial Building Tras Street Market 888 Mil
A prime freehold commercial building located on Tras Street in the bustling CBD district has recently been put up for sale through a tender process, with a price guide of $88.8 million. This 11-storey property offers a total gross floor area of approximately 38,818 square feet, translating to a price of $2,288 per square foot.
Positioned on a 6,668 square feet site that is zoned for commercial use with a plot ratio of 5.6 and a permissible building height of up to 35 storeys, the building currently boasts a plot ratio of 5.82. The property also comes with six carpark lots and the new owner will have the opportunity to acquire the naming rights as well.
Notably, the building is strategically located just 300 meters away from Tanjong Pagar MRT Station (East-West Line) and around 400 meters away from the upcoming Prince Edward Road MRT Station (Circle Line), which is slated to open in 2026. The surrounding area offers a wide range of amenities, such as retail options at 100 AM, Icon Village, and Tanjong Pagar Plaza.
According to Swee Shou Fern, ETC’s head of investment advisory, this property will be highly sought after by various types of buyers. “The building’s versatility presents multiple opportunities for use – whether as a corporate headquarters, an investment property with rental income, or a redevelopment or asset enhancement project,” she stated. She also noted that the property is not subject to any restrictions on strata subdivision for commercial buildings, giving the new owner the option to carry out strata sales after enhancement.
As a commercial property, the building is not subject to Additional Buyer’s Stamp Duty or Seller’s Stamp Duty, making it open to both local and foreign buyers. With its attractive price and prime location, Swee believes that the property will generate keen interest, as only two office buildings in the Central Area have changed hands for less than $150 million in the last two years. ETC reports that Prinsep House at 31 Prinsep Street was sold for $142 million, or $2,109 per square foot on its GFA, while Liberty House at 51 Club Street was transacted for $92.2 million ($3,193 per square foot) in April 2023.
The tender for this property will close on June 26 at 3pm. Interested parties can check out the latest listings for Commercial Real Estate properties on Ask Buddy, which offers information on past rental and sale transactions, price trends, and current listings for commercial properties. One can also compare price trends for Commercial vs Industrial properties to make an informed decision.
The Penrith Queenstown MRT Station is conveniently situated near SkyOasis @ Dawson, where a five-room flat measuring 1,195 square feet was recently transacted for a remarkable $1.73 million, with a per square foot price of $1,444. This promising location has attracted many buyers and has set a new record in the area. For more information on the station, visit https://www.penrith.sg/.