Two strata office floors at GB Building up for sale with S$11.9m, S$12.7m guide prices

TWO strata office floors at GB Building in the central business district (CBD) will be up for sale via expression of interest (EOI) on Tuesday, exclusive marketing agent CBRE announced in a press statement on Monday.

To be sold either individually or collectively, Level 16 of GB Building has an indicative price of S$11.9 million, or about S$2,200 per square foot (psf) on the strata area, while Level 23 has an indicative price of S$12.7 million, which works out to about S$2,350 psf on the strata area, CBRE said.

Located at 143 Cecil Street, GB Building is a 26-storey office development with a three-level basement car park that can accommodate 105 vehicles. It is situated at the junction of Cecil Street and McCallum Street, and accessible via a fully sheltered walkway from the nearby Tanjong Pagar MRT station.

With a strata area of 5,425 sq ft each, the office floors at Level 16 and 23 feature a regular and column-free layout and include views of the city. Level 16 is currently leased to multiple tenants, while Level 23 is to be sold with vacant possession, CBRE said.

Both locals and foreigners are eligible to purchase the property, which is zoned for commercial use. There will be no additional buyer's stamp duty or seller's stamp duty imposed on the purchase.

Landmark developments near GB Building include Asia Square, Frasers Towers, Capital Tower and the upcoming 79 Robinson Road. Also within the vicinity are amenities found at OUE Downtown and Amoy Street.

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According to CBRE, three office floors in the CBD were transacted this year. These include Level 11 at Samsung Hub which changed hands at S$49.8 million (S$3,800 psf on strata area); Level 10 at Suntec Tower 1 which was transacted at S$37.1 million (S$2,580 psf on strata area); and Level 33 at Suntec Tower 2 which was traded at S$38 million (S$3,209 psf on strata area).

Clemence Lee, senior director of capital markets at CBRE, said: "As older buildings in the area make way for newer mixed-use developments, strata property owners of GB Building can expect to enjoy potential capital appreciation in the mid to long term."

He added: "Compared to recent strata office transactions, the indicative prices for these two office floors at GB Building are noticeably competitive. We expect strong interest from investors such as boutique real estate funds, family offices and high net worth individuals. Level 23 can also be the space of choice for owner-occupiers seeking immediate occupation in the CBD."

The EOI exercise will close at 3pm on July 28.