By Timothy Tay/ EdgeProp Singapore|February 11, 2020 4:22 PM SGT
SINGAPORE (EDGEPROP) – Three strata office units at Fu Lu Shou Complex have been launched for sale by Expression of Interest exercise at $1,400 psf, which works out to a price tag of about $7.2 million, announced CBRE, the sole marketing agent.Fu Lu Shou Complex is a six-storey mixed-use development at 149 Rochor Road, and it comprises a retail podium from basement 1 to the third floor, and offices on the fourth and fifth floors. The units for sale are on the fifth floor and are sized 936 sq ft, 2,034 sq ft, and 2,174 sq ft. The combined strata floor area is 5,144 sq ft, and all units come with water points, floor traps, and toilets.
Completed in 1983, Fu Lu Shou Complex is located on a corner plot with dual road frontages along Rochor Road and Waterloo street (Picture: CBRE)
“The subject property [boasts a] the sizeable floor area that is rarely made available for sale in Fu Lu Shou Complex, and at an attractive psf price,” says Michael Tay, head of capital markets, Singapore at CBRE.
He adds that “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”. Last year, two office units were sold at Fu Lu Shou Complex. The 1,464 sq ft unit and the 2,207 sq ft unit fetched $1,435 psf and $1,450 psf respectively.Tay expects keen interest in the units for sale from end-users to use for their own operations, lock in operational costs and hedge against volatility in office rental cycles. Other investors include family offices and high-net-worth individuals for capital appreciation, given tighter office supply and stronger performing strata market environment, says Tay. Foreigners and locals are eligible to purchase the three units without the imposition of additional buyer’s stamp duty or seller’s stamp duty. The EOI exercise closes on March 17.
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