Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
Manhattan House has a total of 269 strata office units. The 99-year leasehold building was finished in 1976. It was first offered for collective sale in September 2019 for $300 million. In January 2023, a second cumulative sale attempt was made at a reservation cost of $280 million with JLL as the advertising company. Nevertheless, there were no takers during the time.
The commercial building has a 99-year lease with effect from 1969. Thus, it has 43 continuing years. Based on recent postings, every month asking rents for units vary from $3.16 psf to $4.02 psf.
The units become part of a portfolio of 33 strata office units that were launched for sale last October by exclusive marketing agency ETC. The overview price was after that $24.5 million. The units offered variety from 323 sq ft to 850 sq ft. Based on the overall strata area of 19,547 sq ft, the overview cost turned out to $1,250 psf.
Swee Shou Fern, head of investment advisory at ETC, that realtored the sale, states that the 32 strata office units were bought “for investment”. However, she waned to comment on the buyer.
Situated in the CBD fringe, Manhattan House is inside walking distance of the Chinatown MRT Interchange Station on the Downtown and North East Lines. It is likewise adjacent to Pearl’s Hill City Park.
Based upon real property title searches, the purchaser of the strata units is Abwin (HP) Pte Ltd, an entity connected to among the leading secondhand car suppliers in Singapore, that also provides motor financing and hire purchase.
Under the 2019 Master Plan, the 4167.7 sq m (44,861 sq ft) site is zoned “commercial” with a gross plot ratio of 4.7. However, URA has indicated that the site may be rezoned to “housing with retail at first storey”, with a substantial section of the site supported for a residential tower of up to 30 floors with a maximum gross floor location of around 21,000 sq m (226,044 sq ft).
Grand Dunman showflat location
A portfolio of 32 strata office units on the 3rd floor of Manhattan House, a 16-storey business building on Chin Swee Road. Based on warnings lodged, the 32 units were offered for a total of $14.793 million or an ordinary rate of $783 psf, based on cautions lodged as of August 5.
The office units appear to have been sold in two sets, with 16 settled for a total of $7.531 million on June 27, and yet another 16 units on July 4 for $7.262 million.
The buyers are likely to be investors, wanting to take a setting in case of an effective en bloc sale of the building in the future. The units on the third level manage 9% of the complete strata location of the structure, and 13% of the complete share value.
