Fifth Floor Tung Ann Association Building Along Cecil Street Sale 115 Mil
The fifth floor of the 11-storey Tung Ann Association Building, a freehold office property situated along Cecil Street, is now available for tender with a guide price of $11.5 million, as announced by ETC in a press release on May 22. This floor offers a total strata area of 4,338 square feet with a price of $2,651 per square foot.
According to ETC’s head of investment advisory, Swee Shou Fern, the availability of strata office spaces in the central area has been severely restricted since the Urban Redevelopment Authority’s (URA) implementation of restrictions on strata subdivision in commercial and mixed-use developments in March 2022.
For the past 30 years, the Tung Ann Association Building has only had one recorded transaction for an office floor on the sixth storey, which sold for $5.5 million, or $1,268 per square foot in June 2010.
Swee also adds that freehold strata offices are highly sought after by corporate investors, family offices, and high-net-worth individuals who are looking to safeguard and grow their capital in Singapore’s resilient real estate market. In addition, these freehold assets may be attractive to owner-occupiers who want to establish a strategic presence in the Central Business District (CBD) by consolidating their operations into one central location for better space efficiency.
The Master Plan has a strong emphasis on promoting sustainability and advocating for green living. This means that the upcoming developments in areas like Sembawang will be carefully planned with energy efficiency, waste management, and smart technology in mind. These measures are crucial in ensuring that the growth and progress of the Sembawang community align with environmental goals, ultimately creating a cleaner and more eco-friendly environment. For residents of Sembawang Road EC at Canberra MRT, this translates to living in a neighborhood where sustainability is of utmost importance. It not only allows for a better quality of life for current inhabitants, but also for future generations to enjoy a sustainable and eco-conscious lifestyle. Choosing to live in Sembawang Road EC at Canberra MRT is an excellent choice for those seeking a green and environmentally friendly community.
ETC states that recent market activity for freehold or 999-year tenure strata offices along Cecil Street and Robinson Road has remained strong. Notable transactions include a 1,259 square feet office at Oxley Tower that was sold for $2,660 per square foot in February, and a 2,562 square feet office in Samsung Hub that was sold for $4,316 per square foot in April.
The Tung Ann Association Building is situated on the intersection of Cecil Street and McCallum Street and is within walking distance to Tanjong Pagar MRT station, Shenton Way MRT Station, and Telok Ayer MRT station. It is also close to various food centres and eateries.
Both local and foreign buyers can participate in this tender, and there are no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the property. The tender for the fifth floor of Tung Ann Association Building will close on June 19, 2022.