Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
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 indicated that the site might be rezoned to “housing with commercial at first storey”, with a considerable section of the site supported for a residential tower of up to 30 floors with a maximum gross floor location of around 21,000 sq m (226,044 sq ft).
The workplace units appear to have been sold in two sets, with 16 transacted for a total amount of $7.531 million on June 27, and another 16 units on July 4 for $7.262 million.
The units are part of a portfolio of 33 strata office units that were introduced for sale last October by exclusive advertising and marketing agency ETC. The overview price was then $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 worked out to $1,250 psf.
Located in the CBD fringe, Manhattan House is inside walking range of the Chinatown MRT Interchange Station on the Downtown and North East Lines. It is likewise adjacent to Pearl’s Hill City Park.
The customers are likely to be investors, wanting to take a setting in the event of a successful en bloc sale of the building in the future. The units on the third ground control 9% of the overall strata area of the building, and 13% of the total share value.
A portfolio of 32 strata office units on the 3rd floor of Manhattan House, a 16-storey business structure on Chin Swee Road. Based on cautions lodged, the 32 units were sold for a sum total of $14.793 million or an ordinary cost of $783 psf, based on caveats lodged as of August 5.
Based on real estate title searches, the customer of the strata units is Abwin (HP) Pte Ltd, an entity connected to one of the largest sized pre-owned car dealers in Singapore, that also offers motor financing and hire purchase.
Swee Shou Fern, head of financial investment advisory at ETC, who brokered the sale, states that the 32 strata office units were bought “for investment”. However, she declined to discuss the purchaser.
Manhattan House has an overall of 269 strata office units. The 99-year leasehold building was completed in 1976. It was first sold for cumulative sale in September 2019 for $300 million. In January 2023, a second cumulative sale attempt was made at a reserve rate of $280 million with JLL as the advertising agency. Nevertheless, there were no takers back then.
The commercial building has a 99-year contract with effect from 1969. Thus, it has 43 standing years. Based on recent postings, every month asking rents for units vary from $3.16 psf to $4.02 psf.
