The Singapore Technologies Building in the Central Business District’s (CBD) Tanjong Pagar precinct is up for sale.
Property consultancy Jones Lang LaSalle expects proposed bids to reach above $150 million which works out to $1500 per square foot on net lettable area.
The 13-storey freehold building sits on a 19,402 square feet site.
Located on the corner of Cantonment and Lim Teck Kim Roads, it has a gross floor area of 128,600 square feet.
Jones Lang LaSalle said the building has an average office floor space of over 15,000 square feet and 135 parking lots.
It also has a rooftop garden space which can be used for recreational functions.
The building is conveniently located, allowing users to access it without incurring ERP charges.
Given the upbeat economic activity, Jones Lang LaSalle expects strong interest from investors like developers and private buyers.
It added that the positive financial sentiment is also driving strong rental and capital value growth in commercial space.
Interested investors must make their submissions by November 4, 2010.
Source : Channel NewsAsia – 6 Oct 2010