MERCHANT Square, a four-storey office building off Merchant Road, is up for sale again – this time at a deep discount to its last asking price.
The leasehold property was on the market in February last year at the guide price of $73 million but the offers then ‘did not meet the owner’s expectations’, said CB Richard Ellis (CBRE), who is marketing the property.
This time, the seller – Jackson International – is testing the market with a significantly revised guide price of $48 million, said the firm.
CBRE’s director of investment properties, Mr Charles Hoon, said yesterday the difference in the guide price was mainly due to the high valuations and asking prices at the peak of the previous property boom in February last year.
With the new guide price and a total net lettable area of 50,262 sq ft, the sale price works out to about $955 psf.
The office building, which comprises a four-storey office tower and two blocks of shophouses, sits on a land area of about 27,668 sq ft and has two levels of basement carpark comprising 76 lots. The property was completed in 1996. Continue reading
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