Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
The office units seem to have been offered in two batches, with 16 transacted for a total amount of $7.531 million on June 27, and an additional 16 units on July 4 for $7.262 million.
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 offered for a sum total of $14.793 million or an average cost of $783 psf, based on caveats lodged as of August 5.
Manhattan House has a total amount of 269 strata office units. The 99-year leasehold building was finished 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 reserve rate of $280 million with JLL as the advertising firm. However, there were no takers back then.
Based upon property title searches, the buyer of the strata units is Abwin (HP) Pte Ltd, an entity linked to one of the largest pre-owned car dealers in Singapore, that also provides motor financing and hire purchase.
Canberra Crescent Residences Singapore
The commercial property has a 99-year contract with effect from 1969. Therefore, it has 43 remaining years. Based on recent advertisements, every month asking rents for units vary from $3.16 psf to $4.02 psf.
The units are part of a collection of 33 strata office units that were introduced for sale last October by top notch marketing agency ETC. The guide price was after that $24.5 million. The units sold array from 323 sq ft to 850 sq ft. Based on the complete strata area of 19,547 sq ft, the guide price calculated to $1,250 psf.
The purchasers are likely to be investors, wanting to take a placement in case of a successful en bloc sale of the building in the future. The units on the third level manage 9% of the overall strata area of the property, and 13% of the overall share value.
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 indicated that the site might be rezoned to “housing with retail at first storey”, with a substantial portion of the site allowed for a residential tower of up to 30 storeys with a maximum gross floor area of around 21,000 sq m (226,044 sq ft).
Swee Shou Fern, head of financial investment advisory at ETC, who realtored the sale, states that the 32 strata office units were bought “for financial investment”. However, she diminished to comment on the customer.
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.
