AXA Tower office space up for sale from S$2,550 psf

TWO strata office floors located at AXA Tower at 8 Shenton Way is up for sale from S$2,550 per square foot.

The office space belongs to Perennial Real Estate Holdings, while JLL is the marketing agent for the expression of interest exercise.

With a total strata area of about 25,500 square feet, the offering spans two office floors at the development and comprises eight strata office units on the 21st floor and six strata office units located on the 35th floor. The office units have unobstructed sea views and comes in a regular and column-free layout.

Buyers have the option to purchase the strata units on an individual basis – with each strata unit ranging from 1,744 square feet to 1,959 square feet – or the two office floors collectively.

Major tenants in the development include AXA Insurance, BOC Aviation, Lazada and Tan Kok Quan Partnership.

The property is slated for extensive asset enhancement works, including a new double-volume grand entrance lobby and drop-off point along Shenton Way, an expansion of the existing retail podium to offer more food and beverage and retail options, a brand new two-storey annex block housing medical suites, and enhancements to the lift and security features with the installation of security gantry systems.

Upgrading works will be carried out in phases and expected to start in the third quarter this year.

Clemence Lee, senior manager for capital markets at JLL said: “Prices for the newer strata office developments in the CBD typically range from S$2,800 to S$3,600 per sq ft on strata area. With the office units at 8 Shenton Way priced at an attractive price point of S$2,550 per sq ft onwards, we expect strong interest from end-users who are looking to own their own quality space in the CBD at an affordable price.”

He added that the rejuvenation of the Tanjong Pagar sub-market and the gradual development of the Greater Southern Waterfront will allow investors to reap strong capital appreciation of the property in the mid to long term.

As the property sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is also no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty imposed on the purchase of the property.

The sale will be conducted through an expression of interest exercise which closes on Oct 5 at 3pm.

Perennial Real Estate Holdings at its recent results briefing said that it was intensifying strata sale efforts at AXA Tower, while balancing the leasing commitments there. In the first half of the year, about 64,050 sq ft of office space was leased by new and existing tenants at AXA Tower.

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