Business & Economy Property Prime F&B space on street level at Raffles Place for sale at...

Prime F&B space on street level at Raffles Place for sale at $18 million




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Edmund Tie & Company (ET&Co) on Oct 31 announced that a prime ground floor strata commercial space at Grand Building located at 17 Phillip Street is up for sale by tender. ET&Co is the sole marketing agent for the prime ground floor strata commercial space.

Grand Building is strategically located in the heart of the established Raffles Place area in the core of the CBD. The location enjoys excellent visibility at street level and high footfall of office crowd from the densely populated office buildings in the area, such as One Raffles Place, UOB Plaza, OCBC Centre, Republic Plaza as well as the upcoming CapitaSpring integrated development on the former Golden Shoe carpark site. Its convenience is also unparalleled, with Raffles Place MRT interchange a mere three-minute walk away.

The prime ground floor strata commercial space has a strata floor area of approximately 272 square metres (sq m) or 2,928 square feet (sq ft), spanning the entire ground floor of the 11-storey Grand Building, boasting prominent street frontage with high visibility.

The prime ground floor strata commercial space is currently home to the hugely popular Chao Shan Cuisine – a heritage restaurant that serves authentic Teochew dishes.

Senior director of investment advisory Swee Shou Fern commented: “Prime ground floor commercial space in the core CBD area are tightly held and rarely available for sale. There is no offering of properties with similar attributes in Raffles Place. A ground floor unit at The Arcade, a leasehold development with 60 years remaining, was recently sold at $15,097 per sq ft.

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“This presents an extremely attractive opportunity for the astute investor who believes in Singapore’s continued growth as a global business hub and potential capital value appreciation of real estate in the Raffles Place precinct to own a prized asset with strong tenant profile and stable rental income. Given its strategic location attributes, the subject property is also ideal for end users looking to operate their business out of a premise in this established and high-traffic precinct.”

The guide price for the prime ground floor strata commercial space is $18 million.

As a commercial property, foreigners are eligible to purchase it and will not be subjected to any Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD). The tender exercise for the prime ground floor strata commercial space will close on Wednesday, 5 December 2018 at 3PM.

Mortgage Broker Singapore – Should I use one?

An earlier report by JLL said that the biggest gainers following the new property cooling measures will likely be owners of strata-offices and shophouses approved for commercial use. The real estate service company said: “The government’s swift response to curb home price growth has tampered the prospects of residential properties as attractive investments. Investors looking for alternatives to park their money could divert their attention to the strata office and shophouse markets as they are not subjected to this round of purchase or sales restrictions/encumbrances.”

Paul Ho, the chief mortgage consultant at iCompareLoan said: “Properties such as the prime ground floor strata commercial space may be bought under personal name, but total debt servicing Total Debt Servicing Ratio (TDSR) will apply on the individual’s income on such purchases. To buy a commercial or industrial property under company name, total debt servicing ratio TDSR also applies on the individual director’s income if the company is an investment holding company or an operating company that is loss-making or does not have sufficient cash flow to servicing the repayment.”

A bottom is in sight for industrial property market

He added: “To buy a commercial or industrial property under company name where the company is well established with an existing operating business with strong financials, TDSR may be waived on the individual. However director is usually required to become personal guarantors of the loan the company undertakes. Hence this may affect the director’s other purchases, such as for buying a residential property, due to the loading from the TDSR for guaranteeing a loan.

Some banks even advertise 100 to 120% loan. This is due to a combination of working capital as well as commercial/industrial property loan, but this only applies to company with strong cash flow position. Commercial property is different from residential property and the considerations are more complex and varied though the payoff may be worthwhile for investors.”

How to Secure the Best Commercial Loans Quickly

iCompareLoan is the best infomercial loans portal for commercial-property-seekers, buyers, investors and real estate agents alike in Singapore. On iCompareLoan, you will be able to find all the latest news and views, informational guides, bank lending rates and property buying trends, and research data and analysis.

Whether you are looking to buy, sell or refinance apartments, condominiums, executive condos, HDB flats, landed houses or commercial properties, we bring you Singapore’s the most comprehensive and up-to-date property news and best home loans trends to facilitate your property buying decisions.

Our Affordability Tools help you make better property buying decisions. iCompareLoan Calculators help you ascertain the fair value of a property and find properties below market value in Singapore.

Our trademarked Home Loan Report is a Singapore’s first one-of-a-kind analysis platform that provides latest updates of detailed loan packages and helps property agents, financial advisors and mortgage brokers analyse home loan packages for their clients and give unbiased home loan/commercial loan analysis for their property buyers and home owners. Our distinguished Panel of Property Agents who are users of our Home Loan report can give the best all-rounded advise to real estate seekers.

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Whether it is best home loans, best commercial loans or refinancing of existing loans or SME loans, CONTACT US TODAY!Follow us on Social Media

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