Ravi Chandran
CBRE announced on April 24 that it is launching three adjoining office units at Peninsula Plaza for sale via an Expression of Interest exercise. Located on the 12th storey, the area of each unit ranges from 1,001 square feet to 1,776 square feet and totals to a combined area of 4,262 square feet.
The three adjoining office units have a 999-year tenure.
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Peninsula Plaza is a mixed-use development comprising a six-storey retail podium and a 24-storey office block with car parking space on level six. Strategically located in the heart of City Hall, the building is a short stroll to the City Hall MRT interchange station that offers easy access to other parts of Singapore via the East-West and North-South lines.
When the underground walkway is completed by 2020, there will be seamless pedestrian connectivity to the station and the neighboring developments including Capitol Piazza, Raffles City, The Adelphi and the upcoming Funan integrated development. Prominent landmarks include the National Gallery, St Andrew’s Cathedral and the Supreme Court.
Yap Hui Yee, Associate Director of Capital Markets at CBRE said, “The successful buyer will continue to benefit from the ongoing rejuvenation within the City Hall vicinity which has seen much transformation with new or refurbished developments. We are optimistic that the property’s rare 999-year tenure, centralized location and excellent connectivity are strong attributes that will appeal to both end-users and investors. The location is ideal for trades and businesses including law or accountancy firms, allied health professional enterprises and commercial schools.”
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Ms Yap added, “Indicative pricing is S$9.29 million that works out to S$2,180 per square foot based on the strata area, which is attractive compared to the office units at the nearby High Street Plaza and The Adelphi that are transacting at S$2,400-S$2,600 per square foot. There will be no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty imposed on the units and the prospective buyer – whether a local or a foreigner – has the option to either purchase the units individually or all three collectively.”
CBRE is the exclusive marketing agent for the three adjoining office units.
The Expression of Interest for the three adjoining office units closes on 29 May 2019 at 3pm.
Paul Ho, the chief mortgage consultant at iCompareLoan said: “Properties such as the three adjoining office units in Peninsula Plaza may be bought under personal name, but total debt servicing Total Debt Servicing Ratio (TDSR) will apply on the individual’s income on such purchases. To buy a commercial or industrial property under company name, total debt servicing ratio TDSR also applies on the individual director’s income if the company is an investment holding company or an operating company that is loss-making or does not have sufficient cash flow to servicing the repayment.”
He added: “To buy a commercial or industrial property under company name where the company is well established with an existing operating business with strong financials, TDSR may be waived on the individual. However director is usually required to become personal guarantors of the loan the company undertakes. Hence this may affect the director’s other purchases, such as for buying a residential property, due to the loading from the TDSR for guaranteeing a loan.”
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The biggest gainers following the new property cooling measures is likely be owners of strata portfolio of offices and shophouses approved for commercial use. The property cooling measures affected almost all categories of buyers and is predicted to achieve its intended objectives of cooling demand and moderating price growth.
One report said investors looking for alternatives to park their money in the wake of property cooling measures, would divert their attention to the offices and shophouses markets as they are not subjected to this round of purchase or sales restrictions/encumbrances.
Mr Ho said that despite the property curbs introduced by the Government last year, Singapore is still an attractive residential market for investors.
Although the property market exuberance has been curbed to some extent with the property cooling measures introduced last year, Singapore as a property market investment destination still remains among the top – shoulder to shoulder – with other cities in the world like London, New York, Shanghai and Sydney.
“We have to be mindful that there is a lot of excess capital fluidity here and at 1.9 – 2 percent, Singapore has one of the lowest interest rates for home loans in the region,” he added.
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