Commercial podium at Oxley Rise condo up for sale with $62.5m indicative price
SINGAPORE (THE BUSINESS TIMES) - A two-storey commercial podium at a mixed-use development at 71 Oxley Rise near the Orchard Road shopping belt is up for sale via expression of interest with an indicative price of around $62.5 million.
This works out to around $3, 800 per square foot on the podium's strata area of 16, 459 square feet (sq ft), exclusive marketing agent CBRE said on Wednesday (Feb 5).
The street-fronting Freehold podium at the 10-storey Rise @ Oxley takes up the first two floors, with the remaining levels taken up by 120 residential units which have all been sold. The podium has a share value of 28 per cent out of the entire development and has been been alloted 14 basement car park lots.
In addition, it has potential signage rights on both Clemenceau Avenue and Oxley Rise - subject to approval from the Management Corporation Strata Title. According to CBRE, the seller is also offering income support of 4 per cent gross yield in the first year to the successful buyer.
Level 1 of the podium has 11 strata units with a total area of 6, 276 sq ft. The units have approval to be used as food and beverage (F&B) establishments, and are fitted with waterpoints, floor traps and exhaust ducts, among others. The units also have a five-metre floor-to-floor ceiling height.
Level 2 of the podium has 18 strata units with a total area of 10, 183 sq ft and a floor-to-floor ceiling height of 3.6 metres. Two of these units come with approval for F&B use.
Apart from 3, 879 sq ft of space on the second level that is leased to an established childcare centre, the rest of the units in the podium will be sold with vacant possession, CBRE added.
CBRE senior director of capital markets Clemence Lee said that selling the podium on a vacant possession basis will allow the potential buyer to"explore repositioning and curating an exciting tenant mix".
Mr Lee added that opportunities to own a Freehold street-fronting commercial podium in prime locations are extremely rare.
"Given the authorities' rejuvenation efforts to transform the Dhoby Ghaut precinct into a family-friendly lifestyle zone, the property will also undoubtedly enjoy capital and rental appreciation in the midterm, "he said.
Locals and foreigners are eligible to purchase the property, with no additional buyer's stamp duty or seller's stamp duty. The expression of interest will close on March 12 at 3pm.