Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
The commercial building has a 99-year contract with effect from 1969. Thus, it has 43 remaining years. Based on recent postings, monthly asking rents for units range from $3.16 psf to $4.02 psf.
Manhattan House has an overall of 269 strata office units. The 99-year leasehold building 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 marketing company. However, there were no takers at the time.
A portfolio of 32 strata office units on the 3rd floor of Manhattan House, a 16-storey commercial structure on Chin Swee Road. Based on caveats lodged, the 32 units were offered for a total of $14.793 million or an ordinary price of $783 psf, based upon warnings 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 actually indicated that the site might be rezoned to “non commercial with commercial at first storey”, with a significant part 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).
The customers are most likely to be investors, wishing to take a position in the event of a successful en bloc sale of the building in the future. The units on the 3rd level manage 9% of the overall strata location of the establishment, and 13% of the overall share worth.
Based on real property title searches, the purchaser of the strata units is Abwin (HP) Pte Ltd, an entity associated to among the largest pre-owned car dealerships in Singapore, which also provides motor financing and hire purchase.
The units are part of a collection of 33 strata office units that were released for sale last October by outstanding advertising and marketing agency ETC. The guide price was after that $24.5 million. The units sold range from 323 sq ft to 850 sq ft. Based on the total strata area of 19,547 sq ft, the guide cost worked out to $1,250 psf.
Swee Shou Fern, head of investment advisory at ETC, who realtored the sale, claims that the 32 strata office units were purchased “for investment”. However, she declined to talk about the purchaser.
Located 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 likewise beside Pearl’s Hill City Park.
The office units turn up to have been sold in two batches, with 16 settled for a total of $7.531 million on June 27, and yet another 16 units on July 4 for $7.262 million.
