Grand Building relaunched for collective sale at unchanged S$195m guide price

Citi Commercial Pte Ltd

GRAND Building, an office property at Raffles Place has been relaunched for collective sale at the same guide price of S$195 million.

The 10-storey development at 17 Phillip Street was first launched for sale by sole marketing agent Edmund Tie & Company on Oct 28 last year, with the tender closing on Dec 7.

In relaunching it, Swee Shou Fern, its head and executive director of investment advisory noted that Grand Building is unaffected by the Urban Redevelopment Authority's (URA) recent announcement on restrictions on strata subdivision of commercial properties in the Central area, as it is located outside of the identified areas.

This offers the incoming buyer flexibility in their development proposal for strata subdivision, subject to planning approval, she said.

Grand Building sits on a 999-year site area of about 5,313 square feet (sq ft) and is zoned for commercial use under the URA's Master Plan 2019, with a plot ratio of 15 and a building height control of more than 50 storeys.

As a commercial property, there is no Additional Buyer's Stamp Duty payable and no restriction on foreign ownership of the site.

Swee said a number of commercial properties in the CBD have changed hands in recent months, indicating investors' continued confidence in the office market. "Yet, commercial buildings, particularly those in District 1, are typically tightly held by existing landlords and are rarely made available for sale," she added. "As such, Grand Building offers a rare and timely opportunity for investors to acquire a standalone commercial real estate in the prestigious Raffles Place."

Located within walking distance from Raffles Place MRT interchange and Telok Ayer MRT Station, Grand Building is close to F&B and entertainment amenities in the Central Business District. Nearby landmark buildings include CapitaSpring, OCBC Centre, One Raffles Place, Republic Plaza and UOB Plaza.

The tender will close on May 5 at 3 pm.

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