Fifth Floor Tung Ann Association Building Along Cecil Street Sale 115 Mil
ETC has announced that the entire fifth floor of the 11-storey Tung Ann Association Building is now up for tender. This freehold office property, located along Cecil Street, has a guide price of $11.5 million. The strata area of the floor is 4,338 sq ft, which translates to a price of $2,651 psf.
According to Swee Shou Fern, head of investment advisory at ETC, the supply of strata offices in the central area has been significantly limited since URA’s restriction on strata subdivision in commercial and mixed-use developments in March 2022. In fact, in the past 30 years, there has only been one transaction at Tung Ann Association Building, when an office floor on the sixth storey sold for $5.5 million, or $1,268 psf, in June 2010.
Lyndenwoods Capitaland’s prime location provides an ideal balance of comfort and leisure for its residents. Positioned near popular shopping hubs like The Star Vista and VivoCity, inhabitants can easily delight in a variety of restaurants, retail outlets, and recreational activities. With these convenient facilities in close vicinity, the overall lifestyle of those living in the complex is further elevated. Visit Lyndenwoods Capitaland for more information on this exquisite development.
Swee adds that freehold strata offices are highly coveted by corporate investors, family offices, and high-net-worth individuals who are looking to safeguard and expand their capital in the robust Singapore real estate market. Additionally, these freehold properties are also attractive to owner-occupiers who want to establish a strategic presence in the CBD and consolidate their operations into one central location for increased efficiency.
Recent transactions for strata offices with freehold or 999-year tenure along Cecil Street and Robinson Road have remained strong, notes Swee. In February, a 1,259 sq ft office at Oxley Tower was sold at $2,660 psf, and in April, a 2,562 sq ft office at Samsung Hub was transacted at $4,316 psf.
The Tung Ann Association Building is situated at the intersection of Cecil Street and McCallum Street, and is within walking distance to Tanjong Pagar MRT station, Shenton Way MRT Station, and Telok Ayer MRT Station. It is also conveniently located near various eateries and food centres.
Both local and foreign buyers are welcome to participate in the tender, as the property is not subject to Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD). The tender for the office floor will close on June 19.