Savills Singapore, as the exclusive sole marketing agent, is pleased to offer for sale a sizeable prime office space of approximately 10,785 sq ft at Paya Lebar Square. The offering features four contiguous premium office units located on Level 9 of Paya Lebar Square.
Paya Lebar Square is a mixed-used building consisting of a ten-storey premium office tower above a three-storey retail podium with prominent frontage along Paya Lebar Road. Completed in 2014 and designed by award-winning architectural firm DP Architects, the commercial development is strategically located in the heart of Paya Lebar Central and enjoys seamless connectivity with sheltered access to Paya Lebar MRT Interchange.
As part of the Urban Redevelopment Authorities strategy to decentralise and bring jobs closer to home, Paya Lebar has been identified as an up-and-coming commercial hub. Sitting at the gateway of Singapore’s Eastern Commercial Hub, Paya Lebar Square is well positioned to benefit from the rejuvenation of Paya Lebar with new projects such as Paya Lebar Quarter, SingPost Centre and Park Place Residences, thereby transforming the precinct into a dynamic and vibrant business hub.
Mr Galven Tan, Deputy Managing Director, Investment Sales and Capital Markets, Savills Singapore, noted: “Office spaces are still essential as employees will require the psychological and emotional benefits of a tightly woven team and strong corporate culture found in the workplace. As such, post COVID-19, businesses may look to have a satellite office in the city fringe with great accessibility to distribute their workforce.”
The offering features excellent specifications such as regular, highly efficient layout with maximum design efficiency. The units benefit from natural lighting through the floor to ceiling windows, and also enjoy triple facings with unblocked panoramic views.
“The Paya Lebar precinct has seen remarkable growth in recent years. With Paya Lebar Square the only strata titled office building with Grade A specifications in the vicinity, this offering presents an exceptional opportunity for both investors and end-users. Additionally, the opportunity to purchase a contiguous office floor space of 10,000 sq ft is extremely rare in the Paya Lebar area, as such ownership is extremely tightly held”, Mr Tan continued.
The guide price is S$23.5 million, translating to an average price of S$2,179 psf on strata area. The portfolio of four strata units is offered for sale as a bundle and on a vacant possession basis. Both foreigners and companies are eligible to purchase and there will be no additional buyer’s stamp duty or seller’s stamp duty imposed.