When the groundwork for their second attempt sale started early 2018 Q4, the Collective Sales Committee chaired by Moeez Hatim Nakhoda decided to rework the asking price after consensus.
Accordingly, after lowering down 10% on S$868 million projected in 2014, the current collective sale has been launched at S$780 million.
The timely launch amidst tight office supplies in CBD and Marketing Agent Colliers International has been appointed for this en bloc sale.
The commercial property sits on an area of 21,909 sq ft and when translate to land rate, it arrives at S$2,833 psf ppr.
Upon successful sale, it could potentially yield between S$700,000 and S$29.9 million to the 127 office / retail owners of the CBD building.
Interestingly, it has some historic records like a shop on the ground floor that sold at S$32,000 psf four years back.
With Draft Master Plan 2019 in place, the site is zone “commercial” and has a gross plot ratio of 15.
The new developer can build 50-storey skyscraper to accommodate a live, work and play dynamic realm 24/7 like the upcoming integrated skyscraper CapitaSpring having the components residential, office and retail spaces plus a hotel in addition.