Grade-A strata office in Prudential Tower, offered at $36mil

A press announcement from Feb. 22 states that a high floor Grade-A strata offices within Prudential Tower is being put up for sale through an expression of interests (EOIs) exercise. It will cost potential buyers $36 million.

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The strata is 11,819 sq. ft., if you take up the entire floor plate. The guide price is about $3.050 psf for the strata.

Because the property is zoned “commercial use”, companies and foreigners may purchase it without paying any additional stamp duty.

Currently, the entire office is leased to an international real estate consulting firm. According to an investor spokesperson, the office offers stable rental and is available immediately.

Prudential Tower at Cecil Street has 30 floors and is strata titled. The development is situated on a corner parcel of land and features 87m dual road frontage along Church Street, Cecil Street.

The building is equipped with 181 spaces from the 2nd up to the 8th floors.

It has been noted that there will be a limited supply of strata commercial properties due to URA’s policy, which restricts strata subdividing of both existing and new buildings in CBD key areas.

Strata offices within well-located Grade A development, such as Prudential Tower in Toronto, are likely to continue to appeal to a diverse range of buyers. This includes owner-occupiers such as families, corporate investors and corporate offices, as well high-networth individuals.

According to a marketing agency, a new tenant can rent out the unit upon the expiry date of his lease. Or, he can sell the strata unit in the future.

Telok Ayer MRT Station and Raffles Place MRT Interchange Station are both within walking distance.

The EOI ends at 3pm on the 28th of March.

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