A two-storey commercial podium at a mixed-use block near the Orchard Road shopping belt is up for sale via expression of interest with an indicative price of around $62.5 million.
This works out to around $3,800 per sq ft on the podium’s strata area of 16,459 sq ft, marketing agent CBRE said yesterday.
The street-fronting freehold podium at the 10-storey Rise@ Oxley in Oxley Rise takes up the first two floors. The remaining levels are occupied by 120 residential units, which have all been sold.
The podium has a share value of 28 per cent out of the entire block and has 14 basement carpark spaces.
It also has potential signage rights on both Clemenceau Avenue and Oxley Rise, subject to approval from the Management Corporation Strata Title.
CBRE said that the seller is also offering income support of 4 per cent gross yield in the first year to the buyer.
Level 1 of the podium has 11 strata units with a total area of 6,276 sq ft. They can be used as food and beverage (F&B) establishments, and are fitted with water points, floor traps and exhaust ducts.
Level 2 has 18 strata units with a total area of 10,183 sq ft. Two come with approval for F&B use.
Apart from 3,879 sq ft on the second level that is leased to a childcare centre, the rest of the units in the podium will be sold with vacant possession, CBRE added.
CBRE senior director of capital markets Clemence Lee said selling the podium on a vacant possession basis will allow the potential buyer to “explore repositioning and curating an exciting tenant mix”.
Mr Lee added that opportunities to own a freehold street-fronting commercial podium in prime locations are extremely rare.
“Given the authorities’ rejuvenation efforts to transform the Dhoby Ghaut precinct into a family-friendly lifestyle zone, the property will also undoubtedly enjoy capital and rental appreciation in the mid-term,” he said.
Locals and foreigners are eligible to buy the property, with no additional buyer’s stamp duty or seller’s stamp duty.
The expression of interest will close at 3pm on March 12.
This version of article first appeared at The Business Times.