Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
Manhattan House has a total amount of 269 strata office units. The 99-year leasehold building was completed in 1976. It was first sold for cumulative sale in September 2019 for $300 million. In January 2023, a second cumulative sale attempt was made at a reservation rate of $280 million with JLL as the advertising company. Nonetheless, there were no takers during the time.
Based upon property title searches, the buyer of the strata units is Abwin (HP) Pte Ltd, an entity connected to among the biggest secondhand car dealerships in Singapore, that also provides motor financing and hire acquisition.
Located 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.
The commercial establishment has a 99-year lease with effect from 1969. Thus, it has 43 standing years. Based on recent advertisements, every month asking rents for units range from $3.16 psf to $4.02 psf.
The units belong to a portfolio of 33 strata office units that were introduced for sale last October by outstanding advertising and marketing agency ETC. The overview cost was after that $24.5 million. The units offered array from 323 sq ft to 850 sq ft. Based on the total strata location of 19,547 sq ft, the guide price turned out to $1,250 psf.
Hillock Green condo floor plan
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 commercial at first storey”, with a significant section of the site supported for a residential tower of up to 30 storeys with an optimum gross floor area of around 21,000 sq m (226,044 sq ft).
The workplace units turn up to have been offered in two sets, with 16 settled for a total amount of $7.531 million on June 27, and an additional 16 units on July 4 for $7.262 million.
Swee Shou Fern, head of financial investment advisory at ETC, that realtored the sale, claims that the 32 strata office units were purchased “for financial investment”. Nevertheless, she waned to discuss the purchaser.
The customers are most likely to be investors, wanting to take a placement in the event of a successful en bloc sale of the building in the future. The units on the 3rd level manage 9% of the total strata location of the establishment, and 13% of the overall share value.
A portfolio of 32 strata office units on the third floor of Manhattan House, a 16-storey business building on Chin Swee Road. Based on cautions lodged, the 32 units were marketed for a total amount of $14.793 million or an ordinary price of $783 psf, based upon caveats lodged as of August 5.
