Savills, as the sole exclusive agent, is pleased to announce the sale of an entire floor of office space located on level 12 in Wisma Atria, an established mixed-used landmark in Orchard Road, for S$16.1M. This amounts to S$2,100 per square foot
The space has been approved for full medical use and is purchased by a dental practitioner. The total strata area of the office space at level 12 is approximately 7,653 sq ft. At S$2,100 psf, the price is a 22.2% premium to its latest valuation.
Yap Hui Yee, Executive Director, Savills Investment Sales & Capital Markets comments, “The ongoing sales activity in Orchard Road's strata office market highlights the area's enduring appeal as a prime commercial destination, especially amidst the ongoing rejuvenation efforts. With improvements in enhanced public spaces and vibrant new developments, Orchard Road is becoming increasingly attractive to both businesses and investors. As the supply of strata office units remains constrained, we anticipate continued strong interest and momentum in this market, reflecting the confidence in Orchard Road's revitalisation and its potential for future growth.”
Nick Chan, Senior Manager, Investment Sales & Capital Markets at Savills Singapore says, “This transaction demonstrates the strong appeal of a central location for the medical sector. Situated in the heart of Orchard Road - a vibrant consumer paradise - it stands out as an attractive and highly sought-after investment for owner occupiers. With the limited availability of commercial real estate in this prime area, we can continue to expect strong demand for Wisma Atria Office strata units from other investors and owner occupiers.”