Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
The commercial property has a 99-year contract with effect from 1969. Thus, it has 43 continuing years. Based on current advertisements, every month asking rents for units vary from $3.16 psf to $4.02 psf.
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 warnings lodged, the 32 units were offered for a total amount of $14.793 million or an ordinary 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 proportion of 4.7. However, URA has indicated that the site may be rezoned to “residential with retail at first storey”, with a considerable portion of the site allowed for a residential tower of approximately 30 storeys with a maximum gross floor location of around 21,000 sq m (226,044 sq ft).
The buyers are likely to be investors, wishing to take a position in case of a successful en bloc sale of the property later on. The units on the third floor manage 9% of the total strata location of the structure, and 13% of the overall share worth.
Based on real estate title searches, the customer of the strata units is Abwin (HP) Pte Ltd, an entity linked to among the leading secondhand car dealerships in Singapore, that also offers motor financing and hire acquisition.
Swee Shou Fern, head of expenditure advisory at ETC, who realtored the sale, says that the 32 strata office units were bought “for financial investment”. Nevertheless, she declined to discuss the purchaser.
The office units turn up to have been sold in two sets, with 16 negotiated for a total of $7.531 million on June 27, and an additional 16 units on July 4 for $7.262 million.
Found in the CBD fringe, Manhattan House is within walking distance of the Chinatown MRT Interchange Station on the Downtown and North East Lines. It is also beside Pearl’s Hill City Park.
The units are part of a portfolio of 33 strata office units that were introduced for sale last October by top notch marketing agency ETC. The guide cost was after that $24.5 million. The units marketed range from 323 sq ft to 850 sq ft. Based upon the overall strata area of 19,547 sq ft, the overview cost worked out to $1,250 psf.
Manhattan House has a total 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 effort was made at a reserve cost of $280 million with JLL as the marketing firm. However, there were no takers at the time.
