Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
Manhattan House has a total of 269 strata office units. The 99-year leasehold structure 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 reservation cost of $280 million with JLL as the advertising firm. Nonetheless, there were no takers back then.
Based upon real estate title searches, the buyer of the strata units is Abwin (HP) Pte Ltd, an entity associated to among the leading used car dealerships in Singapore, which also offers motor financing and hire acquisition.
Found 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 beside Pearl’s Hill City Park.
The workplace units appear to have been offered in two sets, 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.
A portfolio of 32 strata office units on the 3rd floor of Manhattan House, a 16-storey commercial structure on Chin Swee Road. Based on warnings lodged, the 32 units were sold for a total of $14.793 million or an ordinary rate of $783 psf, based upon cautions lodged as of August 5.
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 may be rezoned to “housing with commercial at first storey”, with a significant portion of the site allowed for a residential tower of up to 30 floors with an optimum gross floor location of around 21,000 sq m (226,044 sq ft).
Tembusu Grand City Developments Ltd and MCL Land
Swee Shou Fern, head of expenditure advisory at ETC, that brokered the sale, states that the 32 strata office units were bought “for financial investment”. Nonetheless, she declined to discuss the customer.
The buyers are most likely to be investors, hoping to take a position in the event of an effective en bloc sale of the building later on. The units on the 3rd floor manage 9% of the total strata location of the property, and 13% of the overall share value.
The units belong to a portfolio of 33 strata office units that were launched for sale last October by top notch marketing agency ETC. The overview rate was after that $24.5 million. The units marketed range from 323 sq ft to 850 sq ft. Based upon the complete strata location of 19,547 sq ft, the overview cost worked out to $1,250 psf.
The commercial establishment has a 99-year contract with effect from 1969. Thus, it has 43 remaining years. Based on current postings, every month asking rents for units range from $3.16 psf to $4.02 psf.
