THREE strata-titled commercial units in GB Building at 143 Cecil Street have been transacted for a total $52.06 million.
The transaction involves a total strata area of 31,086 sq ft comprising the retail podium on the first and second levels (13,067 sq ft) and two full-floor office units: the third level (12,594 sq ft) and eighth level (5,425 sq ft)
GB Building is on a site with 99-year leasehold tenure starting October 1982, leaving a balance term of slightly over 60 years.
The space on the first and second levels is being sold for $25.48 million or S$1,950 per square foot on strata area. The third level office space is changing hands at $$18 million or $1,429 psf and the eighth floor office space, at $8.58 million or $1,582 psf.
All the above space is being sold by a company in receivership; its sole shareholder is Singapore citizen Rajesh Bothra.
The space is being bought by three entities whose sole shareholder is Dia-Globe (Singapore), whose principal business is the wholesale of jewellery made from precious metals and stones.
Knight Frank brokered the deal.
The space that Dia-Globe is buying represents about 22 per cent of the total strata area and 21 per cent of the total shares in GB Building.
Ownership of such a sizeable stake will come into play during a collective sale exercise for GB Building, note market watchers.
GB Building is a 26-storey office development with a three-level basement carpark for 105 vehicles. It is at the corner of Cecil Street and McCallum Street and is near Tanjong Pagar MRT station, Telok Ayer MRT station and the upcoming Shenton Way MRT station.
The building also falls within the Urban Redevelopment Authority’s Central Business District Incentive Scheme.
The scheme aims to encourage owners of older, predominantly office buildings in some parts of the CBD to redevelop their properties into mixed-use projects.
By promoting a wider diversity of uses — including having more residences and hotels — the scheme seeks to inject a live-in population into the CBD and liven up the district in the evenings and on weekends. The scheme took effect from Nov 27, 2019, with the gazetting of URA’s Master Plan 2019.
source: The Business Times