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 launched for sale last October by outstanding marketing agency ETC. The guide rate was then $24.5 million. The units offered variety from 323 sq ft to 850 sq ft. Based upon the overall strata area of 19,547 sq ft, the overview price turned out to $1,250 psf.
Under the 2019 Master Plan, the 4167.7 sq m (44,861 sq ft) site is zoned “commercial” with a gross plot ratio of 4.7. However, URA has indicated that the site might be rezoned to “housing with retail at first storey”, with a significant part of the site allowed for a residential tower of approximately 30 storeys with an optimum gross floor area of around 21,000 sq m (226,044 sq ft).
The commercial establishment has a 99-year contract with effect from 1969. Therefore, it has 43 continuing years. Based on latest listings, monthly asking rents for units range from $3.16 psf to $4.02 psf.
The purchasers are likely to be investors, wanting to take a setting in the event of a successful en bloc sale of the building in the future. The units on the third floor control 9% of the complete strata location of the property, and 13% of the complete share worth.
Found in the CBD fringe, Manhattan House is inside walking range of the Chinatown MRT Interchange Station on the Downtown and North East Lines. It is additionally adjacent to Pearl’s Hill City Park.
Swee Shou Fern, head of expenditure advisory at ETC, that brokered the sale, says that the 32 strata office units were purchased “for investment”. Nonetheless, she waned to discuss the purchaser.
Based on property title searches, the buyer of the strata units is Abwin (HP) Pte Ltd, an entity associated to one of the leading secondhand car dealerships in Singapore, which also offers motor financing and hire purchase.
Manhattan House has a total amount of 269 strata office units. The 99-year leasehold building was finished in 1976. It was first offered for cumulative sale in September 2019 for $300 million. In January 2023, a second cumulative sale attempt was made at a reserve cost of $280 million with JLL as the advertising company. Nonetheless, there were no takers during the time.
The workplace units seem to have been sold in two batches, with 16 transacted for a total of $7.531 million on June 27, and an additional 16 units on July 4 for $7.262 million.
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 cautions lodged, the 32 units were offered for a total amount of $14.793 million or an average cost of $783 psf, based on warnings lodged as of August 5.
