Rarely do office spaces right in the middle of town come up for sale. Retail spaces possibly. Though mostly for rent. But 15 units on the 7th floor of TripleOne Somerset have just become available for sale in the premium Orchard Road area and response is expected to be keen.
Photo credit: 111Somerset.com.sg
Situated near the Somerset MRT station, the development consists of 2 towers of premium office spaces and a retail podium. It is currently undergoing a $120 million renovation to boost the development’s retail offerings, including future medical suites. Recently put up for sale at $41.56 million as an expression of interest, the indicative price for the 15,683 sq ft space stands at $2,650 psf. The floor on sale is also undergoing refurbishment and will be ready by May this year.
Property analysts are expecting investors to jump on this rare opportunity as properties such as these in a prime location are hard to come by. This could be the first time a space with such calibre in terms of potential is made available in the last 30 years. The space can be used as strata office units or medical suites. Most resale units with similar characteristics are in older, ageing buildings, and even then cost a fortune due to its scarcity.
Photo credit: 111Somerset.com.sg
TripleOne Somerset is a 99-year leasehold building with its lease beginning from Feb 19, 1975, and it calls Gucci, Bottega Venetta, Samsonite and Bell & Ross as some of its many tenants. The rental potential of the space is also tremendous, with monthly office rents at around $8 to $8.50 psf and a gross rental yield of 4 per cent.
