The Prospex, a nine-storey commercial building located next to Bugis+, has been put up for sale by expressions of interest (EOI) again. This time around, the indicative price is in excess of $70 million, which translates to about $1,674 psf, based on the existing gross floor area (GFA).
This latest guide price seems to be lower than the $80 million indicative price when the building was put up for sale through an EOI exercise that ended in October 2015. However, there is a significant difference this time: The building is more than 80% leased, unlike in the previous EOI exercise when it was being offered for sale with vacant possession.
The site on which The Prospex sits has a 99-year leasehold tenure starting from 1974, which translates to a balance term of 56 years. The land area is approximately 5,263 sq ft and the total GFA is approximately 41,806 sq ft. It is located at the busy corner of Middle Road and Victoria Street, about 400m from Bugis MRT Station.
The Prospex consists of a two-level retail podium and seven levels of offices. The prospective new owner has the flexibility to either sell the entire property or sell according to individual strata units as the strata subdivision of the building has been approved.
According to JLL, the appointed marketing agent, the EOI exercise closes on March 21.