Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
A portfolio of 32 strata office units on the 3rd floor of Manhattan House, a 16-storey business structure on Chin Swee Road. Based on caveats lodged, the 32 units were sold for a total amount of $14.793 million or an average price of $783 psf, based on cautions lodged as of August 5.
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.
Swee Shou Fern, head of expenditure advisory at ETC, that realtored the sale, says that the 32 strata office units were bought “for financial investment”. Nonetheless, she diminished to comment on the customer.
The units belong to a collection of 33 strata office units that were introduced for sale last October by exclusive marketing agency ETC. The overview cost was then $24.5 million. The units offered variety from 323 sq ft to 850 sq ft. Based on the overall strata location of 19,547 sq ft, the overview cost calculated to $1,250 psf.
The commercial property has a 99-year contract with effect from 1969. Hence, it has 43 continuing years. Based on current listings, every month asking rents for units range from $3.16 psf to $4.02 psf.
The office units appear to have been sold in two batches, with 16 transacted for a total of $7.531 million on June 27, and another 16 units on July 4 for $7.262 million.
Manhattan House has an overall of 269 strata office units. The 99-year leasehold building was completed in 1976. It was first offered for collective sale in September 2019 for $300 million. In January 2023, a second collective sale attempt was made at a reservation cost of $280 million with JLL as the marketing firm. Nonetheless, there were no takers at the time.
The customers are most likely to be investors, hoping to take a position in case of an effective en bloc sale of the property later on. The units on the third level control 9% of the total strata location of the building, and 13% of the complete share worth.
Based upon property title searches, the customer of the strata units is Abwin (HP) Pte Ltd, an entity associated to among the largest sized used car dealerships in Singapore, which also offers motor financing and hire acquisition.
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 indicated that the site might be rezoned to “residential with commercial at first storey”, with a substantial portion of the site supported for a residential tower of approximately 30 storeys with an optimum gross floor location of around 21,000 sq m (226,044 sq ft).
