Two office floors at Springleaf Tower offered for sale with $54.15 mil price tag
The rare offering, amid CBD strata-subdivision restrictions and continued strata-office demand, could establish a new building benchmark above the last $2,550 psf transaction.
Two entire office floors at Springleaf Tower are offered for $54.15 million, or about $2,623 psf, with the EOI closing on Oct 1.
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Two entire floors at Springleaf Tower, a 37-storey, 99-year leasehold office building on Anson Road in Tanjong Pagar, are up for sale with a total guide price of $54.15 million via an expression of interest (EOI) exercise.
They can be sold either individually or collectively. The $54.15 million price tag translates to about $2,623 psf based on the combined strata area of 20,645 sq ft.
Individually, the pricing starts from $25.65 million for the lower floor, said joint marketing agents CBRE and Sakal Real Estate.
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Michael Tay, CBRE deputy managing director and head of capital markets, Singapore, said this offers an opportunity for an occupier or investor to purchase a high-quality strata office.
"Office floors within Springleaf Tower are tightly held by a very small number of owners," Tay added. "The opportunity to acquire an entire level, especially one located on a high floor, is rare and hard to come by."
The last recorded transaction at the building was for the 31st storey, which changed hands in November 2022 at $2,550 psf. Given this, Tay expects the latest offering to set a new benchmark within the development if a deal concludes.
Steven Ming, managing director for Sakal Real Estate, anticipates keen interest given the property's attributes and continued demand for strata office floors in the CBD, as seen from recent sales at 108 Robinson Road, Cecil Place at 137 Cecil Street, and Suntec City Office Towers.
This also comes as URA is implementing restrictions on the strata subdivision of commercial properties within the CBD and the positive outlook for the office market, Ming said.
Both floors offered for sale have exclusive use of the lift lobby, restrooms and pantry on each level.
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They also feature prominent, wide office entrances as well as premium specifications such as a column-free layout, raised flooring, and air-conditioning with variable refrigerant volume, which allows for independent floor operation.
Springleaf Tower has a marble-clad entrance lobby with a height equivalent to three storeys, and a covered car drop-off point on its second storey. On levels three to five are 131 car park lots.
The marketing agents said that the office building "consistently enjoys a high occupancy rate and a strong tenant profile across a diverse trade sector mix".
They also highlighted that the Tanjong Pagar precinct is undergoing rejuvenation into a live-work-play destination, anchored by the completion of Keppel South Central and a pipeline of landmark developments such as Newport Plaza and The Skywaters.
The EOI for the two office floors will close at 3pm on Oct 1.
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