Ravi Chandran
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.
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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.
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