ST : One Finlayson Green for sale floor by floor

Nov 20, 2010

One Finlayson Green for sale floor by floor

STRATA offices and retail units at One Finlayson Green in the Central Business District are on the market but investors have to buy entire floors.

The prime location - near Raffles Place MRT station - and tight market should stimulate demand, according to marketing agent for Singapore and South-east Asia Jones Lang LaSalle (JLL).

The 19-storey building, which has retail outlets on the first and second levels, has a total saleable floor area of about 96,132 sq ft. Each floor measures up to about 6,437 sq ft.

The building was bought in March by the Lucrum APS100 fund, which was founded by Indonesian investor Norman Winata.

It is believed to have paid $155 million to $157 million for the property.

JLL tips prices for the strata floors to range from $2,600 to $2,800 per square foot, while the retail space could go for more than $4,000 psf. That is going by a recent sale at Malacca Centre that was transacted at $4,021 psf.

Ms Stella Hoh, JLL's head of investments, believes demand will be healthy given strong economic growth and limited availability of quality strata offices.

Expressions of interest close on Jan 12.