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COMMERCIAL PROPERTY | Staff Reporter, Singapore
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GB Building's podium block and 4 office floors up for sale

They have guide prices of $3,200 and $2,000 psf respectively.

A strata office portfolio comprising a podium block and four office floors in GB Building is available for sale at guide prices of $3,200 and $2,000 psf respectively via an Expression of Interest (EOI) exercise, marketing agent CBRE said.

According to an announcement, the properties consist of five strata titled units with areas ranging from 3,294 sqft to 13,067 sqft. The combined strata floor area is approximately 39,590 sqft and holds approximately 27.3% of the MCST share value.

GB building is located at the junction of McCallum and Cecil Streets and has dual road frontages. A 26-storey commercial building, it comprises a three-storey podium and a 23-storey office tower.

Each strata floor can be easily partitioned into smaller units to cater to different businesses or leased to multiple tenants. The properties are zoned ‘commercial’ and are not subject to Additional Buyer’s Stamp Duty (ABSD) and Seller’s Stamp Duty (SSD), and are eligible for purchase by local and foreign buyers.

GB Building is within walking distance to three MRT Stations - Tanjong Pagar station (EW15) on the East-West Line, Telok Ayer station (DT18) on the Downtown Line, and the upcoming Shenton Way station (TE19) on the Thomson-East Coast Line. It is also accessible by car via Ayer Rajah Expressway, Marina Coastal Expressway, and East Coast Parkway.

CBRE capital markets director Sammi Lim commented, “Recent strata office transactions at SBF Centre, located just next to GB Building were in the range of $2,800 psf to $3,053 psf. Podium floors are rarely available for sale, and the last such transaction in the CBD was at Prudential Tower in 2017, which was sold at about $3,316 psf. At guide prices of $2,000 psf for the office floors and $3,200 psf for the podium space at GB Building, we expect interest to be strong.”

The EOI exercise closes on 5 September 2018, Wednesday at 3 p.m.

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