Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
Based upon real property title searches, the purchaser of the strata units is Abwin (HP) Pte Ltd, an entity associated to one of the largest sized used car dealerships in Singapore, which also provides motor financing and hire acquisition.
Swee Shou Fern, head of investment advisory at ETC, that realtored the sale, says that the 32 strata office units were bought “for financial investment”. Nevertheless, she waned to discuss the purchaser.
The workplace units turn up to have been offered in two batches, with 16 transacted for a total amount of $7.531 million on June 27, and yet another 16 units on July 4 for $7.262 million.
Manhattan House has an overall of 269 strata office units. The 99-year leasehold building was finished in 1976. It was first sold for collective sale in September 2019 for $300 million. In January 2023, a second collective sale effort was made at a reservation cost of $280 million with JLL as the advertising agency. However, there were no takers at the time.
A portfolio of 32 strata office units on the 3rd floor of Manhattan House, a 16-storey commercial building on Chin Swee Road. Based on caveats lodged, the 32 units were offered for a sum total of $14.793 million or an average price of $783 psf, based on caveats lodged as of August 5.
The units are part of a collection of 33 strata office units that were launched for sale last October by top notch marketing agency ETC. The overview price was then $24.5 million. The units sold array from 323 sq ft to 850 sq ft. Based upon the overall strata location of 19,547 sq ft, the guide cost calculated to $1,250 psf.
Found 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 additionally adjacent to Pearl’s Hill City Park.
The commercial building has a 99-year lease with effect from 1969. Therefore, it has 43 remaining years. Based on current lists, every month asking rents for units range from $3.16 psf to $4.02 psf.
The customers are most likely to be investors, hoping to take a setting in case of a successful en bloc sale of the building later on. The units on the 3rd ground control 9% of the total strata location of the establishment, and 13% of the total share worth.
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 indicated that the site may be rezoned to “residential with commercial at first storey”, with a substantial part of the site supported for a residential tower of as much as 30 floors with a maximum gross floor location of around 21,000 sq m (226,044 sq ft).
