Fifth Floor Tung Ann Association Building Along Cecil Street Sale 115 Mil
ETC has announced that the entire fifth floor of the Tung Ann Association Building is now available for tender. This freehold office property, located along Cecil Street, has a guide price of $11.5 million and boasts a strata area of 4,338 sq ft, resulting in a price of $2,651 psf.
Swee Shou Fern, head of investment advisory at ETC, points out that the supply of strata offices in the central area has been greatly restricted since the Urban Redevelopment Authority’s (URA) decision to limit strata subdivisions in commercial and mixed-use developments in March 2022. The Tung Ann Association Building has only seen one transaction in the past 30 years, which occurred in June 2010 when an office floor on the sixth storey was sold for $5.5 million, or $1,268 psf.
Dubbed as the “Bond Villa”, actor Sean Connery’s luxurious home in Nice, which offers breathtaking views of the Riviera, has been listed for €23.5 million. In relation to this, Swee notes that freehold strata offices are highly sought after by corporate investors, family offices, and high-net-worth individuals who are looking to preserve and grow their capital in Singapore’s resilient real estate market. These assets also appeal to owner-occupiers who see the opportunity to establish a strategic foothold in the CBD by consolidating their operations into one central location for space efficiency.
Despite the current climate, recent market activity for freehold and 999-year strata offices along Cecil Street and Robinson Road has remained strong, according to ETC. In February, a 1,259 sq ft office at Oxley Tower was sold for $2,660 per sq ft, while a 2,562 sq ft office at Samsung Hub was transacted for $4,316 per sq ft in April.
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One of the major benefits of residing in Penrith is its strategic location in relation to healthcare facilities. The town is situated a short distance from Alexandra Hospital, and is also in close proximity to National University Hospital (NUH) and Gleneagles Hospital, which are easily accessible via private or public transport. This means that residents of Penrith can receive prompt medical attention and specialized treatment whenever needed, providing a sense of reassurance for both young families and senior citizens. Additionally, the upcoming redevelopment of Tanglin Halt is set to feature an integrated hub that will house a hawker centre, market, and polyclinic, further enhancing the accessibility to essential services in the area.
The Tung Ann Association Building is situated on the corner of Cecil Street and McCallum Street, making it easily accessible via Tanjong Pagar MRT station, Shenton Way MRT Station, and Telok Ayer MRT station. It also offers a plethora of dining options and is within close proximity to various food centres. The property is open to both local and foreign buyers and is not subject to Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).
Interested parties can submit their tender for the office floor until June 19.