Another Robinson Road office building offered for sale

The freehold 12-storey commercial building at 110 Robinson Road.
The freehold 12-storey commercial building at 110 Robinson Road.PHOTO: CUSHMAN & WAKEFIELD

SINGAPORE - Another office building in the central business district has been offered for sale after recent blockbuster deals perked up the office property market.

A freehold 12-storey commercial building at 110 Robinson Road was put on the market on Monday with an indicative pricing of S$45 million.

The price works out to about S$3,161 per square foot based on a net lettable area of 14,233 sq ft, its sole marketing agent Cushman & Wakefield said.

Built in 1980s, the commercial building comprises 11 office floors with a retail unit on the ground floor which is currently tenanted to a dental clinic. The property is fully owned by OCBC Bank, according to the bank's 2015 annual report.

Mr Shaun Poh, executive director of capital markets at Cushman & Wakefield said: "Even before the owner decided to put the property on the market, it has proven to be highly sought after as various unsolicited offers have been made to the owner."

Mr Poh added that the asset is ideal for institutional fund groups, corporate end users, high net worth individuals as well as boutique developers who are looking to redevelop the building for strata sale. According to the 2014 Master Plan, the site is zoned for commercial use, and can be built up to 35-storey.

Cushman & Wakefield told The Straits Times that its occupancy rate hovers around 75 per cent and the units are leased mostly to small and medium-sized enterprises, including shipping companies and auditing firms.

The building is the latest office property to be placed on sale following the sale of Asia Square Tower 1 by BlackRock to the Qatar Investment Authority for S$3.4 billion, and Indonesian tycoon Dr Tahir's offer buy the Straits Trading Building for S$560 million, earlier this month.

Last week, the former SIA Building in 77 Robinson Road - a stone's throw away from 110 Robinson Road - was offered for sale at a guide price of S$575 million or S$1,960 psf.

Cushman & Wakefield said the tender exercise for 110 Robinson Road will close at 3pm on July 26, 2016.

wongsy@sph.com.sg