The Plus Building can be found at 20 Cecil Street in the CBD’s Raffles Place neighborhood

Three floors of contiguous office space in the strata of Plus Building, an office tower situated at 20 Cecil Street in the CBD is available for sale. Each floor has gross floor area (GFA) that is 11,216 sq ft. This means that the total space takes approximately 33,648 sq feet.

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Colliers along with PropNex International have been jointly selected to sell the property. According to a joint press release from the two firms The prices for the floors will be between $37 million and $36 million. The offices are floor-to-ceiling height of 2.8m as well as floor-to ceiling windows that offer an 180-degree view across the urban area.

Plus Building is a Grade-A office building located within Raffles Place. The 28-storey building is a 99-year leasehold beginning on Dec 7 1989. It has two frontages, Cecil Street and Church Street as well as direct access to sheltered areas to The Raffles Place Metro Rail Interchange Station. It’s also just a two-minute walk from The Telok Ayer MRT Station.

Tang Wei Leng, managing director and director of capital markets and investment services in Singapore at Colliers The property an “rare chance” to buy strata office space within the CBD area, which is a highly held market. “Currently there is a limited supply of premium office space in the heart of the CBD because of a shortage of new inventory and the depletion of existing inventory for redevelopment,” she explains. The supply has been further limited by the new government policy that restricts strata subdivisions of commercial assets located in central regions.

Ismail Gafoor, executive chairman and CEO of PropNex agrees, adding that empty full-floor plates in Grade-A offices located in the CBD are difficult to find, especially in the sought-after Raffles Place area. “We have witnessed a huge interest from families offices as well as tech companies that are shifting office spaces in Singapore and are looking for empty spaces for their personal usage and with Raffles Place being their top priority,” he observes.

Tang emphasizes that a limited supply could result in a high rental return for the property as she notes that rents for premium as well as Grade-A office spaces in the core CBD have increased 5.9% y-o-y in 2022. “Investors ought to consider buying several floors in order to benefit from capital appreciation over the long term or anticipate the possibility of an eventual future collective sales in the near future in which they will enjoy more substantial voting rights in this particular development,” she says.