Two office floors of Springleaf Tower for sale at S$54.8m

Citi Commercial Pte Ltd

TWO office floors at Springleaf Tower are for sale at S$54.8 million via an expression of interest exercise, said its marketing agent JLL in a media statement on Wednesday (Apr 6).

The strata floors on levels 28 and 29 of the Tanjong Pagar office building each have a strata area of 10,627 square feet (sq ft), which brings the total strata area to 21,054 sq ft.

An indicative guide price of S$54.8 million translates to about S$2,600 per square foot (psf). These floors were previously occupied by United Overseas Insurance, which has since moved to its own building at Robinson Road, said JLL.

Springleaf Tower is a 37-storey Grade A office building constructed in 2002.

JLL Singapore's senior director of capital markets Carin Puah said that potential buyers have the option of occupying the offices or leasing them out for rental income.

They can also purchase the floors separately or together, depending on their requirements.

She added that Singapore's office investment market in prime locations will continue to see capital growth given that opportunities are scarce and office rents are also recovering.

In addition, Grade A office assets in the Central Business District (CBD) are being tightly held.

"Moreover, with 75 per cent of employees allowed to return to the workplace since Mar 29, we believe that the CBD will return to its former pre-Covid vibrancy soon," she said. The Covid-19 government task force recently eased safe management measures on various fronts, including allowing up to 75 per cent of employees who can work from home to return to their workplaces.

The expression of interest exercise will close at 3 pm on May 20.

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