Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
The units belong to a collection of 33 strata office units that were released for sale last October by outstanding marketing agency ETC. The guide rate was then $24.5 million. The units sold range from 323 sq ft to 850 sq ft. Based on the total strata area of 19,547 sq ft, the guide cost turned out to $1,250 psf.
Located in the CBD fringe, Manhattan House is within walking range of the Chinatown MRT Interchange Station on the Downtown and North East Lines. It is likewise adjacent to Pearl’s Hill City Park.
Swee Shou Fern, head of investment advisory at ETC, who realtored the sale, states that the 32 strata office units were bought “for financial investment”. However, she diminished to discuss the buyer.
A portfolio of 32 strata office units on the third floor of Manhattan House, a 16-storey commercial building on Chin Swee Road. Based on warnings lodged, the 32 units were marketed for a sum total of $14.793 million or an ordinary cost of $783 psf, based upon warnings lodged as of August 5.
Manhattan House has a total amount of 269 strata office units. The 99-year leasehold structure was finished in 1976. It was first sold for cumulative sale in September 2019 for $300 million. In January 2023, a second collective sale effort was made at a reservation price of $280 million with JLL as the marketing company. However, there were no takers during the time.
The purchasers are most likely to be investors, hoping to take a placement in case of a successful en bloc sale of the building later on. The units on the third level control 9% of the overall strata area of the property, and 13% of the overall share worth.
Based upon property title searches, the customer of the strata units is Abwin (HP) Pte Ltd, an entity associated to among the leading secondhand car suppliers in Singapore, which also provides motor financing and hire acquisition.
The office units appear to have been sold in two sets, with 16 settled for a total of $7.531 million on June 27, and another 16 units on July 4 for $7.262 million.
The commercial establishment has a 99-year lease with effect from 1969. Therefore, it has 43 standing years. Based on latest advertisements, monthly asking rents for units vary from $3.16 psf to $4.02 psf.
Under the 2019 Master Plan, the 4167.7 sq m (44,861 sq ft) site is zoned “commercial” with a gross plot proportion of 4.7. However, URA has actually indicated that the site might be rezoned to “residential with retail at first storey”, with a considerable section of the site allowed for a residential tower of up to 30 floors with a maximum gross floor area of around 21,000 sq m (226,044 sq ft).
