Springleaf Tower Grade A office for sale at $29.5 million

Springleaf Tower Grade A office floor for sale at $29.5 million announced CBRE today (June 26). Office floors within Springleaf Tower are tightly held by a very small number of owners and the opportunity to acquire one full floor located on a high floor offering unblocked sea views is rare and hard to come by. This opportunity will appeal to investors looking to capitalize on the rising rents and capital values.

CBRE as the exclusive marketing agent, said an entire floor located on Level 30 of Springleaf Tower is for sale via an Expression of Interest (EOI) exercise.

Situated at the junction of Anson Road, Springleaf Tower is a 37-storey office building commanding Grade A office specifications, located in Singapore’s Central Business District (CBD). The Springleaf Tower Grade A office building commands a grand entrance lobby which is triple-storey and marble clad.

There is also a covered car drop-off point located on the second floor, providing convenient access for patrons and visitors. Generous car parking provisions of 131 lots are also provided across levels 3 to 5. Due to its quality specifications and strategic location, Springleaf Tower consistently enjoys a high occupancy rate and a strong tenant profile of diverse trade sector mix.

Located on Level 30 with unblocked panoramic sea views, the Springleaf Tower Grade A office is approximately 10,742 sq ft and comes with exclusive use of the lift lobby, restrooms and pantry.

This allows occupants to enjoy complete exclusivity and control over the entire floor. Each office floor at Springleaf Tower boasts of a prominent and wide entrance frontage as well as premium specifications such as raised flooring, good floor to ceiling height and VRV air-conditioning which allows for independent floor operation.

The guide price for the Springleaf Tower Grade A office is S$29.5 million which works out to approximately S$2,746 per square foot based on the strata area. There will be no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty. This sale offering will be sold on a vacant possession basis.

Springleaf Tower enjoys direct sheltered connectivity to Tanjong Pagar MRT Station via an underground walkway which also provides access to surrounding developments in Tanjong Pagar. Retail F&B offerings are aplenty, with its proximity to Amoy Street Food Centre, Maxwell Food Centre, Lau Pa Sat Food Centre and a wide range of F&B and lifestyle options along the Telok Ayer / Amoy Street conservation shophouses.

Mr Jeremy Lake, Managing Director, Capital Markets at CBRE said, “This offering is a good opportunity for an occupier or an investor to purchase a high-quality strata office. Office floors within Springleaf Tower are tightly held by a very small number of owners and the opportunity to acquire one full floor located on a high floor offering unblocked sea views is rare and hard to come by. The last transaction in Springleaf Tower recorded was the 22nd floor sold in June 2018 at $2,602 psf. This has set a new benchmark within the building.”

The Tanjong Pagar precinct has undergone exciting rejuvenation anchored by Tanjong Pagar Centre, OUE Downtown, Frasers Tower, and the redevelopment of the former CPF Building. New lifestyle and F&B offerings complement the commercial and residential elements which this area is traditionally known for, transforming Tanjong Pagar into a vibrant live-work-play community in Singapore’s CBD.

Mr Lake added, “In addition to the ongoing rejuvenation, the government’s development plans for Tanjong Pagar as the next waterfront city will have a positive knock-on effect on both capital and rental values of existing developments. Against the backdrop of a tight Grade A CBD office supply, we believe this opportunity will appeal to investors looking to capitalize on the rising rents and capital values.

“This is evident by the latest sale transactions in nearby strata office developments such as Samsung Hub, TPI Building and The Octagon which have achieved record prices in their respective developments. We also expect strong interest from end-users seeking to invest in a high-quality premise for their own operations.”

The Expression of Interest for the Springleaf Tower Grade A office closes on 1 August 2019, Thursday at 3pm.

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