Grand Building at Raffles Place Relaunched for Collective Sale

Grand Building at Raffles Place Relaunched for Collective Sale

Rare prime commercial site unaffected by new planning restrictions on strata subdivision; at a palatable investment quantum of S$195 million 

Singapore, 7 April 2022 – Edmund Tie & Company (EDMUND TIE) is putting up for sale a rarely available prime commercial site at 17 Phillip Street.  The site currently seats a 10-storey office development, Grand Building; and as the appointed exclusive marketing agent, EDMUND TIE is conducting the collective sale by tender, which will close on 5 May 2022 at 3.00pm.   

Strategically located along Phillip Street, a busy street right in the epicentre of Raffles Place, Singapore’s Central Business District, Grand Building sits on a 999-year site area of approximately 5,313 sq ft.  Under URA’s Master Plan 2019, the site is zoned for “Commercial” use, with a plot ratio of 15 and subject to authorities’ approval, a building height control of more than 50 storeys.

Indicative price for the site is S$195 million. As a commercial property, there is no Additional Buyer’s Stamp Duty payable for acquisition and no restriction on foreign ownership.

Unlike buildings in the neighbouring Robinson Road, Shenton Way and Tanjong Pagar precincts which feature a blend of mixed uses, Grand Building lies within the Raffles Place sub-zone, which will retain the predominant commercial characteristics of the core CBD area.

Ms Swee Shou Fern (徐晓芬), Head and Executive Director of Investment Advisory at EDMUND TIE, says, “We have seen a number of commercial properties in the CBD change hands in recent months, including the sale of Twenty Anson (S$599 million), 55 Market Street (S$287 million), PIL Building (S$324 million) and 112 Robinson Road (S$269.7 million), which indicates investors’ continued confidence in the office market.  Yet, commercial buildings, particularly those in District 1, are typically tightly held by existing landlords and are rarely made available for sale.  As such, Grand Building offers a rare and timely opportunity for investors to acquire a standalone commercial real estate in the prestigious Raffles Place; what’s more at a palatable investment quantum of S$195 million.”

Ms Swee adds, “We expect keen interest from companies and investors who are seeking to own a corporate headquarters with a prominent presence in the core city centre, with potential naming and signage rights for the building. Additionally, referring to URA’s recent announcement on the restrictions on strata subdivision of commercial properties in the Central area, Grand Building is located outside of the identified areas; and hence, offers the incoming buyer flexibility in their development proposal for strata subdivision, subject to planning approval.”

Located within a short walk from Raffles Place MRT interchange and Telok Ayer MRT station, Grand Building’s easy accessibility is complemented by the convenience of having a host of F&B and entertainment amenities available close by – such as from Boat Quay, Fullerton Hotel, shophouses in Telok Ayer and Sofitel Sol, among others. Nearby landmarks include CapitaSpring, OCBC Centre, One Raffles Place, Republic Plaza and UOB Plaza.

ENDS