Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
The commercial property has a 99-year contract with effect from 1969. Therefore, it has 43 continuing years. Based on current advertisements, monthly asking rents for units range from $3.16 psf to $4.02 psf.
Based on real estate title searches, the purchaser of the strata units is Abwin (HP) Pte Ltd, an entity associated to one of the largest sized pre-owned car dealers in Singapore, that also provides motor financing and hire acquisition.
Located in the CBD fringe, Manhattan House is inside walking range of the Chinatown MRT Interchange Station on the Downtown and North East Lines. It is additionally beside Pearl’s Hill City Park.
Manhattan House has a total of 269 strata office units. The 99-year leasehold structure was finished in 1976. It was first put on the market for cumulative 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 marketing agency. Nevertheless, there were no takers back then.
The office units seem to have been sold in two sets, with 16 transacted for a total amount of $7.531 million on June 27, and an additional 16 units on July 4 for $7.262 million.
Springleaf Residence Singapore
The buyers are likely to be investors, wishing to take a setting in case of a successful en bloc sale of the property in the future. The units on the 3rd ground control 9% of the total strata area of the structure, and 13% of the overall share value.
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 “non commercial with commercial at first storey”, with a significant part of the site supported for a residential tower of as much as 30 floors with a maximum gross floor location of around 21,000 sq m (226,044 sq ft).
The units are part of a collection of 33 strata office units that were introduced for sale last October by top notch marketing agency ETC. The overview rate was then $24.5 million. The units sold range from 323 sq ft to 850 sq ft. Based upon the complete strata area of 19,547 sq ft, the guide cost worked out to $1,250 psf.
Swee Shou Fern, head of expenditure advisory at ETC, that realtored the sale, states that the 32 strata office units were purchased “for financial investment”. However, she waned to talk about the buyer.
A portfolio of 32 strata office units on the third floor of Manhattan House, a 16-storey commercial structure on Chin Swee Road. Based on cautions lodged, the 32 units were offered for a total amount of $14.793 million or an average cost of $783 psf, based upon cautions lodged as of August 5.
