>

>

The Prospex up for sale again at $70 mil

By Michael Lim

/ The Edge Property |

February 17, 2017 10:04 AM SGT

Join our Telegram channel and follow our Facebook for the latest update.

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.

Tags:

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Sapphire Windows’ Liews: Beyond providing a room with a view

2

Keeping cool in an east-west-facing house with modern glass windows

3

Far East Shopping Centre’s $908 mil en bloc deal aborted

4

Luxury living in the new heart of Bukit Timah

5

Grandson of Genting Group founder leads Cover Projects, carves niche in Singapore’s heritage properties

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00