Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
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 beside Pearl’s Hill City Park.
Based upon real property title searches, the buyer of the strata units is Abwin (HP) Pte Ltd, an entity associated to one of the biggest used car suppliers in Singapore, that also offers motor financing and hire acquisition.
The office units turn up to have been offered in two batches, with 16 negotiated for a total amount of $7.531 million on June 27, and another 16 units on July 4 for $7.262 million.
The units become part of a portfolio of 33 strata office units that were launched for sale last October by outstanding advertising and marketing agency ETC. The overview rate was after that $24.5 million. The units marketed variety from 323 sq ft to 850 sq ft. Based on the total strata location of 19,547 sq ft, the overview cost calculated to $1,250 psf.
The customers are likely to be investors, hoping to take a position in the event of an effective en bloc sale of the property in the future. The units on the third level manage 9% of the complete strata area of the building, and 13% of the total share value.
Swee Shou Fern, head of expenditure advisory at ETC, that realtored the sale, states that the 32 strata office units were bought “for investment”. Nonetheless, she declined to talk about the customer.
The commercial building has a 99-year contract with effect from 1969. Hence, it has 43 remaining years. Based on recent postings, every month asking rents for units range from $3.16 psf to $4.02 psf.
Manhattan House has an overall of 269 strata office units. The 99-year leasehold building was completed in 1976. It was first offered for collective sale in September 2019 for $300 million. In January 2023, a second cumulative sale attempt was made at a reservation price of $280 million with JLL as the advertising agency. Nonetheless, there were no takers at the time.
Under the 2019 Master Plan, the 4167.7 sq m (44,861 sq ft) site is zoned “commercial” with a gross plot ratio of 4.7. However, URA has actually indicated that the site might be rezoned to “housing with commercial at first storey”, with a considerable part of the site supported for a residential tower of as much as 30 storeys with a maximum gross floor area 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 business structure on Chin Swee Road. Based on warnings lodged, the 32 units were marketed for a total amount of $14.793 million or a typical price of $783 psf, based on cautions lodged as of August 5.
