Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
The buyers are likely to be investors, hoping to take a placement in case of an effective en bloc sale of the property in the future. The units on the 3rd floor manage 9% of the total strata area of the establishment, and 13% of the overall share value.
A portfolio of 32 strata office units on the 3rd floor of Manhattan House, a 16-storey business building on Chin Swee Road. Based on cautions lodged, the 32 units were offered for a total of $14.793 million or an ordinary cost of $783 psf, based on cautions lodged as of August 5.
The commercial establishment has a 99-year contract with effect from 1969. Therefore, it has 43 remaining years. Based on recent listings, monthly asking rents for units vary from $3.16 psf to $4.02 psf.
Swee Shou Fern, head of expenditure advisory at ETC, that realtored the sale, says that the 32 strata office units were bought “for investment”. Nonetheless, she declined to discuss the buyer.
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 “housing with commercial at first storey”, with a considerable section of the site allowed for a residential tower of approximately 30 floors with a maximum gross floor location of around 21,000 sq m (226,044 sq ft).
Located in the CBD fringe, Manhattan House is inside walking distance of the Chinatown MRT Interchange Station on the Downtown and North East Lines. It is likewise adjacent to Pearl’s Hill City Park.
Based upon real property title searches, the buyer of the strata units is Abwin (HP) Pte Ltd, an entity connected to one of the largest pre-owned car suppliers in Singapore, that also offers motor financing and hire acquisition.
The workplace units turn up to have been offered in two batches, with 16 settled for a total of $7.531 million on June 27, and another 16 units on July 4 for $7.262 million.
Manhattan House has a total amount of 269 strata office units. The 99-year leasehold structure was completed in 1976. It was first put on the market 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 advertising firm. Nevertheless, there were no takers during the time.
The units belong to a portfolio of 33 strata office units that were released for sale last October by exclusive marketing agency ETC. The overview rate was then $24.5 million. The units marketed variety from 323 sq ft to 850 sq ft. Based on the complete strata location of 19,547 sq ft, the overview price turned out to $1,250 psf.
