Two strata office floors of the GB Building in the CBD will be put up for sale via expression of interest (EOI) on Tuesday, according to a press release from CBRE.
Level 16 of the GB Building is expected to sell for an indicative price of S$11.9 million, or approximately S$2,200 per square foot (psf) on the strata area, while Level 23 is expected to sell for an indicative price of S$12.7 million, or approximately S$2,350 psf on the strata area, according to CBRE.
The GB Building, a 26-story office building with a 105-space underground parking garage, is situated at 143 Cecil Street. It is located at the intersection of McCallum Street and Cecil Street. It is accessible via a fully sheltered walkway from the nearby Tanjong Pagar MRT station.
The office floors at Level 16 and 23 have a strata area of 5,425 sq ft each, a regular and column-free design, and city views. While Level 23 will be sold with vacant possession, Level 16 is currently leased to several tenants.
The land has zoned for commercial use, thus both locals and foreigners may buy it. The purchase will not be subject to any additional buyer’s or seller’s stamp duties.
Near the GB Building are notable developments including Asia Square, Frasers Towers, Capital Tower, and the planned 79 Robinson Road. Amenities may also be found nearby at OUE Downtown and Amoy Street.
Three office levels in the CBD were sold this year, according to CBRE. These include Level 11 at Samsung Hub, which sold for S$49.8 million ($3,800 per square foot on the strata area), Level 10 at Suntec Tower 1, which sold for S$37.1 million ($2,580 per square foot on the strata area), and Level 33 at Suntec Tower 2, which sold for S$38 million ($3,209 per square foot on the strata area).
According to Clemence Lee, senior director of capital markets at CBRE, GB Building strata property owners should anticipate to experience potential capital gain in the mid to long term as older buildings in the neighborhood make way for newer mixed-use developments.
He added: “Compared to recent strata office transactions, the indicative prices for these two office floors at GB Building are noticeably competitive. We expect strong interest from investors such as boutique real estate funds, family offices and high net worth individuals. Level 23 can also be the space of choice for owner-occupiers seeking immediate occupation in the CBD.”
The EOI exercise will close at 3pm on July 28.