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SG Two floors in CBD building up for sale

Property Here - Friday, October 04, 2013

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The first and second floors of GB Building’s podium block (pictured) have been put up for sale by expression of interest (EOI), said marketing agent Cushman & Wakefield. 

The total strata floor area of the two floors is about 13,067 sq ft. 

Located at Cecil Street in the CBD, the three-storey podium block is currently tenanted to Swiss private bank Bordier & Cie as their private banking hall and office.    

Darren Wang, associate director of capital markets at Cushman & Wakefield, said: “In recent years, Cecil Street has enjoyed resurgence with new developments such as SBF Center and Oxley Tower in the vicinity. The Singapore Government’s new development plans for Tanjong Pagar and Marina Bay will likely have a positive knock-on effect on both capital and rental values of existing developments along Cecil Street.”

“Such prime ground floor commercial spaces are rarely available as they are often held by old money or institutions. We expect keen interest from investors and companies seeking the opportunity to acquire prime ground and upper floor commercial space for their own use. Increasingly, high net-worth foreign investors seeking to invest in Singapore have featured prominently in such transactions, so we are likely to see interest from this sector of clientele as well,” he added. 

The EOI exercise for the property closes on 27 November.

Image source: Cushman & Wakefield 

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg