28 Mar '14, 12am

Record price for Orchard office units

Four adjoining office units in Orchard Shopping Centre were sold for $8.55 million, or around $3,242 psf at a Knight Frank auction this week after fierce competition from two bidders. This is a record price for the development and for the Orchard area to date in 2014. Last year a 667 sq ft unit in the area was transacted at a slightly higher price of $3,297 psf. The tenanted units are in freehold building with en bloc potential near Somerset MRT station. Sharon Lee, Head of Auctions at Knight Frank Singapore said, “We believe this strong performance is largely due to the fact that the supply of freehold office units coming up for sale in a good location is rare. This has in turn, why in my opinion, both bidders were keen and adamant in acquiring the property and are willing to pay a premium for such a rare property.” There was little interest for the other properties up fo...

Full article: http://www.commercialguru.com.sg/property-management-news...

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