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Rare freehold strata office floor at city fringe for sale at $15 million

by • June 24, 2019 • officeComments (0)367

Edmund Tie & Company (ET&Co), announced today that a rare freehold strata office floor at Sim Lim Tower is available for sale by tender. ET&Co is the sole marketing agent for the rare freehold strata office floor at the 17-storey Sim Lim Tower.

Located on the 15th storey, the rare freehold strata office spans across the entire floor and has a total strata area of approximately 778 square metres (sq m) or 8,374 square feet (sq ft). It offers a 360-degree panoramic view over the surrounding shophouses and the city skyline.

rare freehold strata office

Image: Wikimedia Commons

Sim Lim Tower enjoys an excellent location at the fringe of the city centre. It is conveniently located at the doorstep of Jalan Besar MRT station on the Downtown Line and within 600 metres to three other MRT stations – Rochor MRT station, Bugis MRT interchange and Little India MRT station, providing accessibiltiy to the Downtown, East West and North East Lines. Amenities are aplenty in the vicinity, including Albert Centre Market & Food Centre, banks, hotels, malls and the upcoming Tekka Place – a retail mall with 320 serviced residences.

The rare freehold strata office stands to benefit from the ongoing rejuvenation and transformation of the Beach Road/Ophir-Rochor Corridor which is envisioned to be a vibrant mixed-use cluster. Such transformations can be exemplified with both new and upcoming developments such as DUO, South Beach, Guoco Midtown, Tekka Place and the new Shaw Tower.

Executive director of investment advisory Swee Shou Fern commented: “This offering of a freehold strata office floor presents an attractive and rare opportunity to buy into the rising office sector as well as its strategic city fringe location in the exciting Beach Road/Ophir-Rochor Corridor. Coupled with its freehold tenure and commanding views, we expect strong interest from both investors and end-users seeking assets with long-term investment value.”

As the rare freehold strata office is zoned Commercial, it is not subject to Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) and is eligible for purchase by local and foreign buyers.

The asking price for the rare freehold strata office is $15 million, which reflects $1,791 per sq ft on the strata area.

The tender exercise for the rare freehold strata office will close on Tuesday, 23 July 2019 at 3pm.

Paul Ho, the chief mortgage consultant at iCompareLoan said: “Properties such as the rare freehold strata office in Sim Lim Tower may be bought under personal name, but total debt servicing Total Debt Servicing Ratio (TDSR) will apply on the individual’s income on such purchases. To buy a commercial or industrial property under company name, total debt servicing ratio TDSR also applies on the individual director’s income if the company is an investment holding company or an operating company that is loss-making or does not have sufficient cash flow to servicing the repayment.”

He added: “To buy a commercial or industrial property under company name where the company is well established with an existing operating business with strong financials, TDSR may be waived on the individual. However director is usually required to become personal guarantors of the loan the company undertakes. Hence this may affect the director’s other purchases, such as for buying a residential property, due to the loading from the TDSR for guaranteeing a loan.”

The biggest gainers following the new property cooling measures is likely be owners of strata portfolio of offices and shophouses approved for commercial use. The property cooling measures affected almost all categories of buyers and is predicted to achieve its intended objectives of cooling demand and moderating price growth.

One report said investors looking for alternatives to park their money in the wake of property cooling measures, would divert their attention to the offices and shophouses markets as they are not subjected to this round of purchase or sales restrictions/encumbrances.

Mr Ho said that despite the property curbs introduced by the Government last year, Singapore is still an attractive residential market for investors.

Although the property market exuberance has been curbed to some extent with the property cooling measures introduced last year, Singapore as a property market investment destination still remains among the top – shoulder to shoulder – with other cities in the world like London, New York, Shanghai and Sydney.

“We have to be mindful that there is a lot of excess capital fluidity here and at 1.9 – 2 percent, Singapore has one of the lowest interest rates for home loans in the region,” he added.

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