Fu Lu Shou Complex strata offices up for sale with S$1,400 psf guide price

THREE strata office units at Fu Lu Shou Complex on Rochor Road are up for sale at a guide price of S$7.2 million or S$1,400 per square foot (psf), marketing agent CBRE said on Tuesday.

The units, which have a 99-year leasehold tenure starting 1980, may be sold individually or as a bundle.

Located next to the lift lobby on level five of Fu Lu Shou Complex, the portfolio has a combined strata floor area of about 5,145 sq ft, comprising three units spanning 936 sq ft, 2,034 sq ft and 2,174 sq ft respectively.

All three units are equipped with water points, floor traps and toilets.

Michael Tay, head of capital markets, Singapore at CBRE said one of the key selling points of the office portfolio is its "sizeable floor area that is rarely made available for sale in Fu Lu Shou Complex, and at an attractive psf price".

In 2019, an office unit with an area of 1,464 sq ft was sold at S$1,435 psf, while another 2,207 sq ft unit was transacted at S$1,450 psf.

"Ownership of the office units in this development can be said to be tightly held, given that no office units were traded between 2006 and 2018," Mr Tay said.

The units will be sold on a vacant possession basis. They are expected to garner "keen interest" from end-users seeking to invest in premises for their own operations to lock in long-term operational costs and to hedge against volatility in the office rental cycles, according to Mr Tay.

"The office portfolio will also appeal to investors - including family offices and high net worth individuals - who have a mid to long-term view of potential capital appreciation, against the backdrop of tighter office supply and stronger strata market scene," he added.

As these are commercial units, both local and foreigners are eligible to purchase them without additional buyer's stamp duty or seller's stamp duty.

Completed in 1983, Fu Lu Shou Complex is a six-storey mixed development comprising a retail podium from basement one to level three and offices on levels four and five.

The complex is located on a corner plot with dual road frontages along Rochor Road and Waterloo street. Bugis MRT station is 200 metres away.

Nearby landmark developments include the upcoming Guoco Midtown, South Beach and DUO.

The expression of interest exercise for the three office units at Fu Lu Shou Complex will close at 3pm on March 17.