66 strata office units in Burlington Square put up for sale

A total of 66 strata-titled office units in Burlington Square have been put up for sale by expression of interest by property consultant, Colliers International.

In a statement, Colliers said buyers are to submit their offer by noon on April 18, 2012.

Burlington Square is a mixed development located at Bencoolen Street and it sits on a 99-year leasehold site with effect from June 1996.

Colliers said the 66 strata office units are distributed over the fifth to twelfth floors of the building and have a total strata area of 67,738 square feet.

The occupancy rate is close to 90 per cent, at an average monthly gross rent of S$5.80 per square foot.

Meanwhile, new tenancy and renewed leases are achieving a monthly gross rent of up to S$7 psf.

Ms Tang Wei Leng, Executive Director of Investment Services of Colliers International said, “The subject property can be sold collectively to a single purchaser or separately to various individual buyers. Indicative price for the subject property is approximately S$101 million, or S$1,500 per sq ft.”

Source : Channel NewsAsia – 14 Mar 2012

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