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18 medical suites in SBF Center up for sale or lease
EIGHTEEN medical suites in SBF Center in the central business district are up for sale or lease, sole marketing agent Knight Frank said on Wednesday. The units range from 678 sq ft to 2,842 sq ft.
They are among the 48 medical suites, spread over the third to fifth floors, within the 33-storey mixed development. Knight Frank said the medical suites are well-located to serve a population of about 450,000 office workers and 16,000 residents nearby.
Said investment and capital markets executive director Mary Sai: "The current tenancy mix includes medical practices such as physiotherapy, cosmetic surgery, chiropractic and others. There is a need for dental and other specialist practices to serve the office workers and residents from the nearby condominiums.
"With a steady flow of medical tourists into Singapore looking for 'one-stop medical services', we expect the demand for private medical suites to remain robust."
As medical suites are classified as commercial properties, foreigners are eligible to buy them without incurring the Additional Buyer's Stamp Duty nor the Seller's Stamp Duty.
Knight Frank expects a good response, with the average asking rental at S$7 per square foot (psf) per month, and an average asking sale price of about S$4,200 psf, subject to negotiation. It notes that recent sale prices of medical suites in the Novena area are about S$7,000 psf, with monthly rental of about S$8 psf to S$9 psf.
Amendment note: An earlier version of this article incorrectly stated a average asking sale price of S$42,000 psf. It should have been S$4,200 psf. The article above has been revised to reflect this.