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News Release

Singapore

Freehold strata office floor near Paya Lebar precinct up for sale

Indicative price in the region of $21.6 million


​​SINGAPORE, May 31, 2017 – JLL, as the exclusive marketing agent, is inviting offers through an Expression of Interest exercise for the purchase of a freehold strata office floor located at Hexacube, a 5-storey commercial development located near the Paya Lebar precinct. 


Prominently located along Changi Road, Hexacube enjoys a 25-metre wide main road frontage and commands excellent visibility. Formerly used by AIA Si​​​​​​​​ngapore P L as part of their agency operations, the old building was acquired by Wealth Development and completely redeveloped. It obtained Temporary Occupation Permit (TOP) last month. The development comprises of shops and restaurants on basement 1 up to level 2, and offices on level 3 to 5. The subject property, located on the highest floor of the development, has a total strata area of approximately 12,712 sq ft. It comprises of a double volume office space on level 5 and a mezzanine floor, allowing for flexible space planning. The property is being offered for sale with vacant possession. 


Hexacube is highly accessible, being located 150-metres from Eunos MRT station and served by bus services which are conveniently located along Changi Road. It is well connected to all parts of Singapore via the East Coast Parkway (ECP), Kallang Paya Lebar Expressway (KPE) and Pan Island Expressway (PIE). It is within a short 10 to 15 minutes’ drive to the Central Business District (CBD).


Earmarked by URA as one of the major growth areas in Singapore, the Paya Lebar precinct is undergoing further rejuvenation and redevelopment. Under the Master Plan, the Paya Lebar precinct is poised to be the next commercial hub in line with URA’s larger decentralisation strategy. Over 12 hectares of land, comprising over 5.4 million sq ft of retail, hotel, residential and office developments, will be injected into the area. The Paya Lebar Airbase will also be relocated around 2030, freeing up approximately 800 hectares of land. This provides opportunities for the development of new towns and rejuvenation of the surrounding vicinity.


Mr Clemence Lee, Senior Manager, Capital Markets, JLL says: “The subject property presents purchasers with a unique opportunity to acquire an entire freehold office floor located in the city fringe that is easily accessible. End-users who are looking at more affordable prices, while still being located near the city centre, will find the property appealing. We anticipate strong interest from astute owner occupiers including associations, clubs, commercial schools, family offices and small and medium-sized enterprises (SMEs).”


He adds: “Being strategically situated within close proximity to the Paya Lebar growth precinct, the subject property presents the new owner with an exceptional opportunity to claim a stake in this exciting commercial and lifestyle destination. Increasingly, we have observed investors buying into the Paya Lebar precinct as the area undergoes further rejuvenation. This is evident in the launch of Park Place Residences in Paya Lebar Quarter (PLQ), whereby most of the residential units launched were snapped up by investors. As more new developments are added to the Paya Lebar micro-market, the new owner can expect to enjoy capital and rental upside from the urban regeneration and the gradual transformation of the area in the mid-to-long term.”


Recent transactions in Hexacube include an office unit on level 4 that sold for $2,031 psf in July 2016, and an office unit on level 3 that sold for $1,909 psf in May 2016. The individual office units were transacted between $1,961 and $2,283 psf during the property launch in 2014.


The indicative guide price for the subject property is in the region of $21.6 million, which reflects approximately $1,700 psf on the existing strata area.


As the property sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.  


The Expression of Interest exercise closes on Wednesday, 5 July 2017 at 3pm.


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Note to editors: 

1. A high resolution photograph of Hexacube is available here.