Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
The commercial establishment has a 99-year lease with effect from 1969. Thus, it has 43 remaining years. Based on recent advertisements, every month asking rents for units vary from $3.16 psf to $4.02 psf.
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 overview rate was after that $24.5 million. The units sold array from 323 sq ft to 850 sq ft. Based on the complete strata area of 19,547 sq ft, the overview price turned out to $1,250 psf.
Swee Shou Fern, head of financial investment advisory at ETC, who realtored the sale, states that the 32 strata office units were purchased “for financial investment”. Nevertheless, she waned to discuss the customer.
The customers are likely to be investors, hoping to take a setting in case of an effective en bloc sale of the building later on. The units on the third level manage 9% of the total strata location of the building, and 13% of the total share worth.
Manhattan House has an overall of 269 strata office units. The 99-year leasehold structure was completed in 1976. It was first sold for collective sale in September 2019 for $300 million. In January 2023, a second cumulative sale effort was made at a reserve cost of $280 million with JLL as the advertising firm. Nonetheless, there were no takers during the time.
Located in the CBD fringe, Manhattan House is inside walking distance of the Chinatown MRT Interchange Station on the Downtown and North East Lines. It is additionally adjacent to Pearl’s Hill City Park.
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 used car dealers in Singapore, which also provides motor financing and hire acquisition.
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 “housing with retail at first storey”, with a substantial part of the site supported for a residential tower of approximately 30 storeys with a maximum gross floor location of around 21,000 sq m (226,044 sq ft).
A portfolio of 32 strata office units on the 3rd floor of Manhattan House, a 16-storey commercial building on Chin Swee Road. Based on cautions lodged, the 32 units were marketed for a total of $14.793 million or a typical rate of $783 psf, based on cautions lodged as of August 5.
The workplace units seem to have been sold in two batches, with 16 transacted for a total amount of $7.531 million on June 27, and an additional 16 units on July 4 for $7.262 million.
