Prime F&B space on street level at Raffles Place for sale

31 Oct 2018
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Prime F&B space on street level at Raffles Place for sale

Rare opportunity to own a prized asset with strong tenant profile and stable rental income

SINGAPORE, 31 October 2018: Edmund Tie & Company (ET&Co), as the sole marketing agent, is pleased to offer the prime ground floor strata commercial space at Grand Building located at 17 Phillip Street for sale by tender.

Grand Building is strategically located in the heart of the established Raffles Place area in the core of the CBD. The location enjoys excellent visibility at street level and high footfall of office crowd from the densely populated office buildings in the area, such as One Raffles Place, UOB Plaza, OCBC Centre, Republic Plaza as well as the upcoming CapitaSpring integrated development on the former Golden Shoe carpark site. Its convenience is also unparalleled, with Raffles Place MRT interchange a mere three-minute walk away.

The subject property has a strata floor area of approximately 272 square metres (sq m) or 2,928 square feet (sq ft), spanning the entire ground floor of the 11-storey Grand Building, boasting prominent street frontage with high visibility. It is currently home to the hugely popular Chao Shan Cuisine – a heritage restaurant that serves authentic Teochew dishes.

Senior director of investment advisory Swee Shou Fern commented: “Prime ground floor commercial space in the core CBD area are tightly held and rarely available for sale. There is no offering of properties with similar attributes in Raffles Place. A ground floor unit at The Arcade, a leasehold development with 60 years remaining, was recently sold at $15,097 per sq ft.

“This presents an extremely attractive opportunity for the astute investor who believes in Singapore’s continued growth as a global business hub and potential capital value appreciation of real estate in the Raffles Place precinct to own a prized asset with strong tenant profile and stable rental income. Given its strategic location attributes, the subject property is also ideal for end users looking to operate their business out of a premise in this established and high-traffic precinct.”

The guide price for the property is $18m. As a commercial property, foreigners are eligible to purchase it and will not be subjected to any Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).

The tender exercise will close on Wednesday, 5 December 2018 at 3pm.

ENDS

For further information, please contact:

Vanessa Lim

Manager, Corporate Communications

+65 6393 2369

This email address is being protected from spambots. You need JavaScript enabled to view it.

 

About Edmund Tie & Company

Edmund Tie & Company (ET&Co) is a full-service, real estate consulting firm with more than 400 skilled professionals in the region. It is headquartered in Singapore and supported by offices in Kuala Lumpur, Malaysia, and Bangkok, Thailand. ET&Co offers a comprehensive suite of agency and professional services including investment advisory, business space and retail, residential agency, auction and sales, valuation advisory, statutory valuation and property tax advisory, research and consulting, property management, and hospitality management. For more information, please visit www.etcsea.com.

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