Ground floor at Grand Building, 17 Phillip Street up for sale at $18m

The strata commercial space is near densely populated buildings like One Raffles Place and UOB Plaza.

A prime ground floor strata commercial space at Grand Building at 17 Phillip Street has been put up for tender with an asking price of $18m, marketing agent Edmund Tie & Company (ET&Co) revealed.

According to an announcement, the subject property has a strata floor area of approximately 272 sqm or 2,928 sqft, spanning the entire ground floor of the 11-storey Grand Building. Grand Building is located in the heart of the established Raffles Place area in the core of the CBD.

It is near densely populated office buildings in the area, such as One Raffles Place, UOB Plaza, OCBC Centre, Republic Plaza, as well as the upcoming CapitaSpring integrated development on the former Golden Shoe carpark site. The Raffles Place MRT interchange a three-minute walk away.

Senior director of investment advisory Swee Shou Fern commented: “Prime ground floor commercial space in the core CBD area are tightly held and rarely available for sale. There is no offering of properties with similar attributes in Raffles Place. A ground floor unit at The Arcade, a leasehold development with 60 years remaining, was recently sold at $15,097 per sqft.”

As a commercial property, foreigners are eligible to purchase it and will not be subjected to any Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).

The tender exercise will close on Wednesday, 5 December 2018 at 3 p.m.

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