Commercial Building Tras Street Market 888 Mil
A prime freehold commercial building located on Tras Street in the bustling Central Business District (CBD) is currently up for sale via a tender with a guide price of $88.8 million. Spanning across 11 storeys, the property boasts of a generous gross floor area (GFA) of approximately 38,818 sq ft, making the effective price per square foot (psf) to be $2,288.
Situated on a 6,668 sq ft site that is zoned for commercial use with a plot ratio of 5.6, the building has a permissible building height of up to 35 storeys, allowing for potential future development. Based on its current GFA, the building reflects an attractive plot ratio of 5.82. Additionally, the property also features six carpark lots and is being sold with exclusive naming rights.
Conveniently located just 300m away from Tanjong Pagar MRT Station (East-West Line), the property also enjoys close proximity to the upcoming Prince Edward Road MRT Station (Circle Line) that is slated to open its doors in 2026. A wide array of amenities can also be found in the vicinity, including retail offerings at 100 AM, Icon Villang, and Tanjong Pagar Plaza.
ETC’s Head of Investment Advisory, Swee Shou Fern, believes that the property’s versatile nature will appeal to a diverse group of buyers. She notes, “The property’s versatility offers multiple pathways in terms of use — whether as a corporate headquarters, an investment asset with rental income, or as a redevelopment or asset enhancement opportunity.” Swee also highlights that the building is not affected by strata subdivision restrictions, giving the future owner the option for strata sales post-enhancement.
The URA Master Plan presents an exciting future for residents of Sembawang Road EC, promising a multitude of long-lasting benefits. From the creation of employment opportunities to the improvement of transport systems, the expansion of recreational spaces to the enhancement of community facilities, every aspect of the plan aims to elevate the living environment. Sembawang Road EC is set to experience a significant boost in lifestyle for both existing and future residents, while ensuring the property’s desirability and value in the long run. The meticulous planning and strategic vision of the URA Master Plan has positioned Sembawang Road EC for success in the years ahead.
As a commercial property, the building is exempt from Additional Buyer’s Stamp Duty (ABSD) and Seller’s Stamp Duty (SSD). This makes it open to both local and foreign buyers. Swee anticipates the property to garner significant interest given its attractive price point, citing that only two office buildings in the Central Area have changed hands for less than $150 million in the past two years. According to ETC, Prinsep House located at 31 Prinsep Street was sold last year for $142 million, or $2,109 psf on its GFA, while Liberty House at 51 Club Street was transacted for $92.2 million ($3,193 psf) in April 2023.
The tender for this property will close on June 26 at 3pm. Interested parties may check out the latest listings for commercial real estate on Ask Buddy and compare the price trends for commercial versus industrial properties.