2 floors at GB Bldg on sale for $3,673 psf

20131005-bt-2-floors-gb-bldg-sale-$3673psf-pic THE first two levels of GB Building in Cecil Street, adding up to 13,067 square feet, are on the market at an indicative price of about $48 million or $3,673 per square foot.

This is nearly double the $24.17 million or $1,850 psf that the owner - a high net worth Singapore citizen - paid for the space in May last year. GB Building is on a site with a balance lease term of about 68 years.

The space on offer, being marketed by Cushman & Wakefield, is at the three-storey podium block in the 26-storey property. It is leased to Swiss private bank Bordier & Cie as its private banking hall and office.

The two levels are linked by an internal staircase and the 13,067 sq ft strata area includes about 1,270 sq ft of void space.

About three weeks ago, the third floor of the building - 12,594 sq ft - changed hands at $1,600 psf in a CBRE-brokered transaction. The 24th and 25th levels were transacted this year at $2,025 psf and $2,010 psf respectively.

Cushman & Wakefield associate director of capital markets Darren Wang said: "In recent years, Cecil Street has enjoyed a resurgence with new developments such as SBF Centre 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."

He said that "prime ground-floor commercial space is rarely available as it is often held by old money or institutions".

He expects keen interest from high net worth investors from Singapore and overseas, as well as financial institutions looking for banking hall space.

The expression of interest exercise for the space will close on Nov 27.

Source: Business Times, 5 Oct 2013