Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
Under the 2019 Master Plan, the 4167.7 sq m (44,861 sq ft) site is zoned “commercial” with a gross plot ratio of 4.7. However, URA has actually indicated that the site may be rezoned to “residential with retail at first storey”, with a significant portion of the site supported for a residential tower of up to 30 storeys with a maximum gross floor area of around 21,000 sq m (226,044 sq ft).
The customers are likely to be investors, wishing to take a setting in the event of an effective en bloc sale of the building later on. The units on the 3rd level manage 9% of the overall strata area of the establishment, and 13% of the overall share worth.
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Swee Shou Fern, head of investment advisory at ETC, that brokered the sale, says that the 32 strata office units were bought “for financial investment”. However, she diminished to comment on the purchaser.
Found in the CBD fringe, Manhattan House is inside walking distance of the Chinatown MRT Interchange Station on the Downtown and North East Lines. It is also beside Pearl’s Hill City Park.
Based on real property title searches, the customer of the strata units is Abwin (HP) Pte Ltd, an entity associated to among the biggest used car dealers in Singapore, which also provides motor financing and hire acquisition.
The workplace units seem to have been sold in two sets, with 16 settled for a total of $7.531 million on June 27, and an additional 16 units on July 4 for $7.262 million.
The units are part of a collection of 33 strata office units that were released for sale last October by outstanding advertising and marketing agency ETC. The overview rate was then $24.5 million. The units sold variety from 323 sq ft to 850 sq ft. Based upon the overall strata area of 19,547 sq ft, the guide cost calculated to $1,250 psf.
A portfolio of 32 strata office units on the 3rd floor of Manhattan House, a 16-storey commercial building on Chin Swee Road. Based on cautions lodged, the 32 units were sold for a total amount of $14.793 million or an ordinary rate of $783 psf, based upon cautions lodged as of August 5.
Manhattan House has a total of 269 strata office units. The 99-year leasehold structure was finished in 1976. It was first offered for cumulative sale in September 2019 for $300 million. In January 2023, a second cumulative sale effort was made at a reservation price of $280 million with JLL as the marketing firm. However, there were no takers at the time.
The commercial property has a 99-year lease with effect from 1969. Hence, it has 43 standing years. Based on current listings, every month asking rents for units range from $3.16 psf to $4.02 psf.
