Cushman & Wakefield has been appointed as the sole marketing agent for the sale of 110 Robinson Road (the “Property”) through a tender process which will close on 26 July 2016, 3 pm. The indicative price is $48 million.
Built in 1980s, the 12-storey commercial building comprises 11 office floors with a retail unit on the ground floor which is currently tenanted to a dental clinic. Sitting on a freehold land of approximately 1,853 sq ft, the Property has a gross floor area of approximately 22,123 sq ft and a net lettable area of 14,223 sq ft. According to the 2014 Master Plan, it is zoned ‘Commercial’ with a plot ratio of 11.2+, and building height control of up to 35-storey.
According to Mr Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, “This sale represents a great opportunity for an investor to acquire a rare freehold office building along the coveted Robinson Road in Singapore’s CBD. Even before the owner decided to put the asset on the market, the Property has proven to be highly sought after as various unsolicited offers have been made to the owner in the past. It is ideal for institutional fund groups, corporate end users, high net worth individuals as well as boutique developers who are looking to redevelop it for strata sale”.
Singapore continues to see strong inflow of liquidity seeking prime office assets in the CBD with several foreign investors recently making high profile acquisitions. For instance, 137 Cecil Street was sold to China’s Evergrande Group for $210 million or $3,109 psf on NLA late last year. Early this month, it was reported that Indonesian tycoon Dr Tahir secured an option to purchase Straits Trading Building at a record price of $560 million or $3,520 psf on NLA.
Located along Robinson Road, the Property is easily accessible by both public and private transportation with five MRT Stations (Raffles Place, Telok Ayer, Downtown, Tanjong Pagar and Shenton Way) within 500 metres radius. Accessibility is further enhanced by its proximity to major trunk roads like Shenton Way, Cross Street and expressways like Central Expressway (CTE) and East Coast Expressway (ECP). Amenities and facilities like eateries, banking services, retail outlets are also within close proximity to the property.