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Singapore office tower hits market with S$165M reserve price

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Singapore office tower hits market with S$165M reserve price

The Realty Centre office building at 15 Enggor St. in Singapore's central business district was placed on the market for an en bloc sale at a reserve price of S$165 million, The (Singapore) Business Times reported, citing Cushman & Wakefield, the asset's marketing agent.

The reserve price translates to approximately S$2,714 per square foot per plot ratio for the freehold site, including an estimated S$2.2 million development charge, the Jan. 7 report added.

The 1,021.9-square-meter land is zoned for commercial use under Singapore's Urban Redevelopment Authority's 2014 Master Plan. With a permissible gross plot ratio of 5.6x and a maximum height of 35 floors, the site can be used for the development of roughly 321,797 square feet of gross floor area.

A tender period for the collective sale is scheduled to close Feb. 21 at 3 p.m. local time, the publication added.

As of Jan. 4, US$1 was equivalent to S$1.36.