Grand Building in Raffles Place up for collective sale with S$195m guide price

GRAND Building, an office property in Raffles Place, is up for collective sale with a guide price of S$195 million, sole marketing agent Edmund Tie & Company said on Thursday (Oct 28).

The building is located at 17 Phillip Street in the central business district (CBD), sitting on a plot spanning 5,313 square feet.

The site, which has a plot ratio of 15 and a building height control of more than 50 storeys, is zoned for commercial use under the Urban Redevelopment Authority's (URA) Master Plan 2019. As it is a commercial property, there is no additional buyer's stamp duty payable and no restriction on foreign ownership.

Within the vicinity are landmark buildings like One Raffles Place, UOB Plaza, OCBC Centre, Republic Plaza as well as the upcoming CapitaSpring. The building is also near food and beverage as well as entertainment amenities such as Fullerton Hotel, Sofitel Sol, Boat Quay and Telok Ayer's shophouses, to name a few.

Moreover, Grand Building is a 3-minute walk from Raffles Place MRT Interchange and Telok Ayer MRT Station.

Swee Shou Fern, Edmund Tie's executive director of investment advisory, said the collective sale of Grand Building offers a "rare and exceptional opportunity" for investors to secure commercial real estate at an affordable quantum in Raffles Place as commercial properties in this area are tightly held by owners.

"We also expect keen interest from companies seeking to own a corporate headquarters with a strong presence in the core city centre with potential naming and signage rights for the building," she added.

The property is set to benefit from the URA's CBD Incentive Scheme announced in March 2019 to turn the CBD into a 24/7 mixed-use district. Raffles Place will retain the predominant commercial character of the CBD's core area, while Robinson Road, Shenton Way and Tanjong Pagar will have a blend of mixed-uses.

The tender for Grand Building will close on Dec 7 at 3pm.