700 Beach Road, an office building in the Central Business District, has been put up for sale.
Its marketing agent Jones Lang LaSalle says the indicative price for 100 percent strata interest in the property is S$120 million.
700 Beach Road comprises 67,429 square feet of strata area and is currently fully occupied.
Jones Lang LaSalle says the property sits on a commercial zoned site of 18,400 sq ft and existing plot ratio of 4.2, held in 55 strata title units.
It also has obtained provisional outline planning permission for conversion to hotel use.
Ashish Manchharam, Head of Investments, South East Asia at Jones Lang LaSalle said, “With the growing number of large scale developments in the vicinity including South Beach, Ophir-Rochor site and the Sports Hub, we expect there will be strong interest from owner occupiers, investors and hotel owners.”
Jones Lang LaSalle adds that the property can potentially yield over 200 hotel rooms to meet demand from increasing tourist arrivals.
The development’s proposed sale by Expression of Interest will close at 3pm on 5 July 2012.
Source : CNA – 2012 May 30