Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
Situated in the CBD fringe, Manhattan House is inside walking distance of the Chinatown MRT Interchange Station on the Downtown and North East Lines. It is also adjacent to Pearl’s Hill City Park.
Manhattan House has a total of 269 strata office units. The 99-year leasehold structure was finished in 1976. It was first put on the market for collective sale in September 2019 for $300 million. In January 2023, a second cumulative sale attempt was made at a reservation price of $280 million with JLL as the advertising firm. Nonetheless, there were no takers during the time.
Based upon real estate title searches, the buyer of the strata units is Abwin (HP) Pte Ltd, an entity associated to among the biggest secondhand car suppliers in Singapore, that also offers motor financing and hire purchase.
The buyers are likely to be investors, wishing to take a placement in case of a successful en bloc sale of the building later on. The units on the third level manage 9% of the complete strata location of the establishment, and 13% of the total share value.
Meyer Blue UOL Group Limited and Singapore Land
Under the 2019 Master Plan, the 4167.7 sq m (44,861 sq ft) site is zoned “commercial” with a gross plot proportion of 4.7. However, URA has indicated that the site may be rezoned to “non commercial with commercial at first storey”, with a significant section of the site supported for a residential tower of as much as 30 floors with an optimum gross floor location of around 21,000 sq m (226,044 sq ft).
The commercial building has a 99-year contract with effect from 1969. Hence, it has 43 remaining years. Based on recent advertisements, every month asking rents for units range from $3.16 psf to $4.02 psf.
A portfolio of 32 strata office units on the third floor of Manhattan House, a 16-storey commercial structure on Chin Swee Road. Based on cautions lodged, the 32 units were sold for a total of $14.793 million or an ordinary cost of $783 psf, based upon caveats lodged as of August 5.
The office units seem to have been offered in two sets, with 16 settled for a total of $7.531 million on June 27, and an additional 16 units on July 4 for $7.262 million.
The units become part of a profile of 33 strata office units that were launched for sale last October by outstanding advertising and marketing agency ETC. The guide rate was then $24.5 million. The units offered variety from 323 sq ft to 850 sq ft. Based on the overall strata area of 19,547 sq ft, the guide price calculated to $1,250 psf.
Swee Shou Fern, head of investment advisory at ETC, that brokered the sale, states that the 32 strata office units were purchased “for investment”. However, she declined to comment on the buyer.
