The average asking price for the 18 medical suites stands at approximately $4,200 psf.
A total of 18 medical suites in SBF Centre ranging from 678 sqft to 2,842 sqft are up for sale or lease, an announcement by marketing agent Knight Frank revealed.
Situated within the heart of Central Business District (CBD), the SBF Centre medical suites reportedly serve a population of about 450,000 office workers and 16,000 residents in the vicinity. Built within a 33-storey mixed development, SBF Centre houses a total 48 medical suites which span over 3 floors, from the 3rd to 5th storey.
“The current tenancy mix includes medical practices such as physiotherapy, cosmetic surgery, chiropractic and others. There is need for dental and other specialist practices to serve the office workers and residents from the nearby condominiums,” Mary Sai, executive director of Investment & Capital Markets, said in a statement.
As medical suites are classified as commercial properties, foreigners are eligible to purchase this asset class without incurring Additional Buyer's Stamp Duty as well as Seller's Stamp Duty.
“We expect good response as the average asking rental is affordable at $7 psf per month and the average asking sale price about $4,200 psf, subject to negotiation. Recent sale prices of medical suites in the Novena location are about $7,000 psf, with monthly rental of about $8 psf to $9 psf”, Sai added.
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