Office podium and retail space in the heart of Raffles Place up for sale

by • September 4, 2019 • office, RetailComments (0)739

Guide price of $5,000 – 5,500 psf on NLA for the retail podium and $3,000 – 3,300 psf on strata area for the office podium

Cushman & Wakefield (S) Pte Ltd and Jones Lang Lasalle, Property Consultants as exclusive joint marketing agents, presented an exclusive opportunity for investors to acquire a premium retail space and office podium in the heart of Raffles Place.

Formerly known as Chevron House, 30 Raffles Place is currently undergoing a comprehensive Asset Enhancement Initiative (AEI) program. The refurbishment work costs approximately $100 million and is expected to complete by the first quarter of 2020. Major AEI works include a new mechanical & equipment (“M&E”) plant, new façade work, upgrading of toilets, lifts and lift lobbies. Specifically for the retail podium, the AEI works will also include conversion of carpark to retail space, reconfiguration of layout, new end-of-trip facilities, structural strengthening and new façade works.

The strata floor area breakdown of the property is as follows:

Level Usage Strata Arrangement Strata Area
B1,B2 Retail / F&B 1 strata lot 30,214 sf
L1, L2 Retail / F&B 1 strata lot 31,302 sf
L3 Office / Banking Hall 1 strata lot 18,492 sf
L4 Office / Banking Hall 1 strata lot 24,983 sf
L5 Office / Banking Hall 1 strata lot 14,811 sf

The retail podium at 30 Raffles Place consists of 2 strata lots and spreads across four floors from Basement 2 to Level 2. It has a net lettable area of 51,376 sf and a strata area of 61,516 sf. The retail podium is currently 80% pre-committed to a diverse mix of domestic and international tenants, including Food & Beverage (“F&B”), fitness and retail trade. As the common walkway forms part of the strata area, the additional income from media screens, advertising spaces, outdoor seating area, event spaces and ATM machines will belong to the retail owner. With significant frontage and a direct link from Basement 1 into Raffles Place underground network and MRT station, the Property is one of the most recognisable commercial assets in Raffles Place. The retail podium enjoys seamless connectivity and heavy footfall from the professionals working in and around the CBD.

The office podium at 30 Raffles Place consists of 3 strata lots and is located from Level 3 to Level 5. It has a total strata area of 58,286 sf. It can be easily accessed via escalator from level 1. Each floor features a generous floor-to-floor height of 4.2 m to 5.14 m which creates spaciousness on each level and has a full-height curtain wall window which allows natural light to pour in. The office podium is highly visible from the Raffles Place commercial square and owner-occupiers / tenants can potentially have signage rights onto the square.

Change Alley Mall offers investors an extremely rare opportunity to acquire a brand new income generating retail asset in a high traffic location. The level 3 to 5 office podium will suit an owner-occupier who is looking to acquire a premium office space with superior specifications and excellent visibility in the heart of Singapore’s CBD.

Mr Shaun Poh, Executive Director, Capital Markets, Cushman & Wakefield said: “Singapore’s commercial real estate has witnessed a wave of interest from international property players in recent times, particularly investors from Hong Kong such as family offices and high net worth individuals. This sale presents yet another opportunity for foreign players to invest in a trophy asset. The building’s commanding position with high pedestrian footfall in Raffles Place will make its naming rights and signages extremely valuable.”

The indicative guide price $5,000 to $5,500 psf on NLA for the retail podium and $3,000 to $3,300 psf on strata area for the office podium. The strata lots can be purchased individually or collectively.

The retail and office podium will be marketed through an Expression of Interest exercise which closes on Thursday 10 October 2019 at 3pm.

“The office podium and retail space in Raffles Place is a good buy especially since office property vacancies are continuing their recovery as sales and rent prices continue their upwards trend,” said Mr Paul Ho, chief mortgage officer at iCompareLoan.

“There is a large investment appetite for properties in the CBD area and there is also demand for space as our fintech industries grows,” he added.

“Office property vacancies will continue to recover as the market is acutely aware of the tight vacancy rate and muted future supply. The office market, especially the Grade A and prime office segment should see keen competition in the coming months,” Mr Ho predicted.

How to Secure a Commercial Loan Quickly

Are you planning to purchase a similar prime commercial redevelopment site but unsure of funding? Don’t worry because iCompareLoan mortgage brokers can set you up on a path that can get you a commercial loan in a quick and seamless manner.

Alternatively you can read more about the Best Commercial Loans in Singapore before deciding on your purchase.  Our brokers have close links with the best lenders in town and can help you compare Singapore commercial loans and settle for a package that best suits your commercial purchase needs. Our services are also very personalised and tailored to the unique needs of the buyers.

Whether you are looking for a new commercial loan or to refinance and existing one, our brokers can help you get everything right from calculating mortgage repayments, comparing interest rates, all through to securing the final loan. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us for your next purchase.

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