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 offered for collective sale in September 2019 for $300 million. In January 2023, a second cumulative sale effort was made at a reserve rate of $280 million with JLL as the marketing firm. However, there were no takers during the time.
The commercial building has a 99-year contract with effect from 1969. Thus, it has 43 standing years. Based on current lists, monthly asking rents for units range from $3.16 psf to $4.02 psf.
Swee Shou Fern, head of financial investment advisory at ETC, that brokered the sale, says that the 32 strata office units were bought “for investment”. However, she waned to discuss the customer.
Based upon real property title searches, the customer of the strata units is Abwin (HP) Pte Ltd, an entity connected to one of the largest sized used car dealers in Singapore, that also offers motor financing and hire acquisition.
Situated in the CBD fringe, Manhattan House is within walking range of the Chinatown MRT Interchange Station on the Downtown and North East Lines. It is also beside Pearl’s Hill City Park.
The office units seem to have been offered in two sets, with 16 settled for a total of $7.531 million on June 27, and another 16 units on July 4 for $7.262 million.
The purchasers are likely to be investors, hoping to take a setting in the event of a successful en bloc sale of the property in the future. The units on the 3rd floor manage 9% of the overall strata location of the building, and 13% of the complete share value.
The units are part of a collection 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 range from 323 sq ft to 850 sq ft. Based upon the total strata area of 19,547 sq ft, the overview price calculated to $1,250 psf.
A portfolio of 32 strata office units on the third floor of Manhattan House, a 16-storey commercial building on Chin Swee Road. Based on caveats lodged, the 32 units were marketed for a total of $14.793 million or an ordinary cost 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 ratio of 4.7. However, URA has indicated that the site might be rezoned to “residential with retail at first storey”, with a significant section 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).
