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Middle Road office block up for sale

A FIVE-storey office building in the Beach Road district has been launched for sale amid a severe shortage of office space in Singapore.

The freehold building is the former P H building at 33 Middle Road and has an indicative price of $23 million, said marketing agent Colliers International.

‘We forsee strong interest from investors who are attracted by the opportunity posed by the current tight office supply in the market,’ said the firm’s executive director of investment sales, Mr Ho Eng Joo.

The property is owned by a trading company, added Mr Ho.

The site is near the upcoming mega mixed-development South Beach, developed by a City Developments-led consortium, and within a short stroll to the City Hall and Bugis MRT stations.

It sits on an area of 3,749 sq ft and has a gross floor area of 16,954 sq ft. The site is zoned for commercial use with a gross plot ratio of 4.2 and can be built up to six storeys.

The property has showroom space on the ground floor and offices from the second to fifth storeys. It also has carpark facilities.

Mr Ho said rents of similar grade office space along Middle Road are priced from $7 per sq ft (psf) to $7.50 psf.

The building is fully tenanted, but all the tenancies are due to expire by the third quarter of this year, said Mr Ho.

 

Source: The Straits Times 9 Jan 08

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