An opportunity to own a piece of prime investment asset is up for grabs at 15 Scotts. Located just off the famed Orchard Road, the nine-storey commercial building is for sale via an Expression of Interest (EOI) exercise. The entire ground floor consists of two strata units and is going for $38.8 million.
The units are 3,186 sq ft and 3,250 sq ft respectively, with a combined strata area of about 6,437 sq ft. Formerly known as Thong Teck Building, 15 Scotts underwent a $15 million refurbishment in 2015 that included the upgrade of its common areas and a new full-height curtain wall.
Shaun Poh, Cushman & Wakefield’s executive director of capital markets notes the property will allow the buyer to capitalise on Singapore’s thriving retail market. “Most importantly, as strata subdivision of commercial developments in Orchard Road is being restricted, the opportunity to own a piece of prime investment asset such as 15 Scotts is rare,” he says.
The building also offers versatility in tenant repositioning to cater to changing demands of consumers. An ancillary café change of use approval was previously supported by relevant authorities. Moreover, the freehold status allows for future redevelopment or enhancement possibilities as the subject site has yet to maximise its plot ratio of 4.9 per URA Master Plan 2019.
Upon completion, this spacious new development will bring with it an array of modern conveniences including gourmet restaurants, retail stores, and lifestyle amenities.Keyword: redevelopment
The buy of this prime investment asset presents not just a unique chance for investors and businesses looking to establish a presence in a highly coveted location, but also a way to gain long-term value creation. Interested parties should act soon, as the EOI exercise will close on June 30 at 3pm.
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