Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
The buyers are likely to be investors, wishing to take a placement in the event of an effective en bloc sale of the building later on. The units on the 3rd level control 9% of the complete strata location of the structure, and 13% of the total share worth.
The units belong to a profile of 33 strata office units that were introduced for sale last October by exclusive advertising and marketing agency ETC. The guide price was after that $24.5 million. The units marketed variety from 323 sq ft to 850 sq ft. Based upon the complete strata location of 19,547 sq ft, the guide cost turned out to $1,250 psf.
Found in the CBD fringe, Manhattan House is inside walking range of the Chinatown MRT Interchange Station on the Downtown and North East Lines. It is likewise adjacent to Pearl’s Hill City Park.
A portfolio of 32 strata office units on the third floor of Manhattan House, a 16-storey commercial building on Chin Swee Road. Based on caveats lodged, the 32 units were offered for a sum total of $14.793 million or an average rate of $783 psf, based upon warnings lodged as of August 5.
Manhattan House has an overall of 269 strata office units. The 99-year leasehold structure was finished in 1976. It was first offered for collective sale in September 2019 for $300 million. In January 2023, a second cumulative sale effort was made at a reserve rate of $280 million with JLL as the marketing agency. Nevertheless, there were no takers during the time.
Based upon real estate title searches, the customer of the strata units is Abwin (HP) Pte Ltd, an entity associated to among the leading secondhand car suppliers in Singapore, that also provides motor financing and hire purchase.
The office units turn up to have been sold in two sets, with 16 negotiated for a total of $7.531 million on June 27, and an additional 16 units on July 4 for $7.262 million.
The commercial property has a 99-year lease with effect from 1969. Hence, it has 43 standing years. Based on recent postings, monthly asking rents for units vary from $3.16 psf to $4.02 psf.
Under the 2019 Master Plan, the 4167.7 sq m (44,861 sq ft) site is zoned “commercial” with a gross plot proportion of 4.7. However, URA has actually indicated that the site might be rezoned to “non commercial with commercial at first storey”, with a significant portion of the site allowed for a residential tower of up to 30 storeys with a maximum gross floor area of around 21,000 sq m (226,044 sq ft).
Swee Shou Fern, head of financial investment advisory at ETC, who realtored the sale, states that the 32 strata office units were bought “for financial investment”. Nonetheless, she declined to comment on the buyer.
