Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
The workplace units turn up to have been sold in two batches, with 16 negotiated for a total of $7.531 million on June 27, and yet another 16 units on July 4 for $7.262 million.
Based on real property title searches, the customer of the strata units is Abwin (HP) Pte Ltd, an entity associated to among the largest pre-owned car dealers in Singapore, which also provides motor financing and hire purchase.
Located 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 also beside Pearl’s Hill City Park.
The units belong to a profile of 33 strata office units that were released for sale last October by exclusive marketing agency ETC. The guide cost was then $24.5 million. The units offered range from 323 sq ft to 850 sq ft. Based on the complete strata area of 19,547 sq ft, the guide cost calculated to $1,250 psf.
Nava Grove Pine Grove and Ulu Pandan area
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 cautions lodged, the 32 units were offered for a total amount of $14.793 million or an average rate of $783 psf, based on cautions lodged as of August 5.
Swee Shou Fern, head of financial investment advisory at ETC, that realtored the sale, states that the 32 strata office units were acquired “for investment”. Nonetheless, she declined to discuss the purchaser.
Manhattan House has a total amount of 269 strata office units. The 99-year leasehold building was finished in 1976. It was first sold for collective sale in September 2019 for $300 million. In January 2023, a second collective sale attempt was made at a reserve rate of $280 million with JLL as the marketing firm. Nevertheless, there were no takers back then.
The customers are likely to be investors, wishing to take a placement in case of a successful en bloc sale of the property in the future. The units on the third ground control 9% of the total strata area of the structure, and 13% of the total share worth.
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 actually indicated that the site may be rezoned to “housing with retail at first storey”, with a considerable section of the site allowed for a residential tower of up to 30 floors with an optimum gross floor location of around 21,000 sq m (226,044 sq ft).
The commercial building has a 99-year contract with effect from 1969. Hence, it has 43 standing years. Based on current listings, every month asking rents for units vary from $3.16 psf to $4.02 psf.
