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 introduced for sale last October by outstanding marketing agency ETC. The guide cost was after that $24.5 million. The units sold range from 323 sq ft to 850 sq ft. Based upon the complete strata area of 19,547 sq ft, the guide price calculated to $1,250 psf.
The commercial building has a 99-year lease with effect from 1969. Hence, it has 43 standing years. Based on recent lists, every month asking rents for units vary from $3.16 psf to $4.02 psf.
Based on real estate title searches, the buyer of the strata units is Abwin (HP) Pte Ltd, an entity associated to one of the biggest secondhand car dealers in Singapore, that also offers motor financing and hire purchase.
Bloomsbury Residences Qingjian Realty and Forsea Holdings
The purchasers are likely to be investors, wishing to take a position in case of a successful en bloc sale of the property in the future. The units on the 3rd floor manage 9% of the complete strata area of the building, and 13% of the complete share worth.
The office units seem to have been offered in two batches, with 16 negotiated for a total amount of $7.531 million on June 27, and yet another 16 units on July 4 for $7.262 million.
Found 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 beside Pearl’s Hill City Park.
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 collective sale in September 2019 for $300 million. In January 2023, a second cumulative sale attempt was made at a reserve price of $280 million with JLL as the marketing agency. Nevertheless, there were no takers at the time.
Swee Shou Fern, head of financial investment advisory at ETC, that realtored the sale, claims that the 32 strata office units were bought “for financial investment”. Nonetheless, she diminished to comment on the purchaser.
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 warnings lodged, the 32 units were marketed for a sum total of $14.793 million or a typical price of $783 psf, based on caveats lodged as of August 5.
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 actually indicated that the site may be rezoned to “residential with commercial at first storey”, with a significant section of the site supported for a residential tower of as much as 30 storeys with an optimum gross floor area of around 21,000 sq m (226,044 sq ft).
