Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
The commercial property has a 99-year lease with effect from 1969. Hence, it has 43 standing years. Based on latest listings, monthly asking rents for units range from $3.16 psf to $4.02 psf.
The customers are likely to be investors, wishing to take a setting in case of an effective en bloc sale of the building in the future. The units on the third level control 9% of the total strata location of the property, and 13% of the overall share worth.
Manhattan House has a total of 269 strata office units. The 99-year leasehold structure was completed in 1976. It was first offered for collective sale in September 2019 for $300 million. In January 2023, a second cumulative sale effort was made at a reservation price of $280 million with JLL as the advertising agency. Nevertheless, there were no takers during the time.
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.
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 actually indicated that the site may be rezoned to “housing with commercial at first storey”, with a substantial portion of the site supported 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).
The units become part of a portfolio of 33 strata office units that were launched for sale last October by outstanding marketing agency ETC. The guide rate was after that $24.5 million. The units offered array from 323 sq ft to 850 sq ft. Based upon the total strata area of 19,547 sq ft, the overview cost calculated to $1,250 psf.
A portfolio of 32 strata office units on the 3rd floor of Manhattan House, a 16-storey commercial building on Chin Swee Road. Based on caveats lodged, the 32 units were marketed for a total amount of $14.793 million or an ordinary cost of $783 psf, based upon warnings lodged as of August 5.
The office units turn up to have been offered in two batches, with 16 settled for a total amount of $7.531 million on June 27, and another 16 units on July 4 for $7.262 million.
Swee Shou Fern, head of investment advisory at ETC, that realtored the sale, states that the 32 strata office units were purchased “for investment”. However, she declined to discuss the customer.
Based on real property title searches, the customer of the strata units is Abwin (HP) Pte Ltd, an entity linked to among the largest sized pre-owned car dealerships in Singapore, which also offers motor financing and hire acquisition.
