|     Satnam House: Built in the 1960s, the seven-storey building has a total
    strata area of 32,325 sq ft and gross floor area of 45,009 sq ft
 Satnam House up for saleAsking price of $35m works
    out to around $1,080 psf of strata area
 Following on the heels of Wisma Sugnomal
    and High Street Centre, Satnam House is the latest in High Street to go on
    the market. Satnam House, which has a 999-year lease
    from June 11, 1827, is said to have an asking price of around $35 million or
    about $1,080 psf of strata area. The seven-storey building has a total
    strata area of 32,325 sq ft and gross floor area of 45,009 sq ft, which
    includes common spaces. Marketing agent Jones Lang LaSalle said
    additions and alterations can add another 11,250 sq ft to the present gross
    floor area. At $35 million, this works out to a land cost of $656 of
    potential gross floor area, including a development charge of $2 million.
    The site can be built up to seven times its land area of 8,037 sq ft. The additions are estimated to cost
    around $2-3 million, while redeveloping the site will cost about $12-13
    million. This is the second time in three years
    that Satnam House has been put up for collective sale.  In 1999, the
    asking price was reported to be around $50 million or a land cost of $937
    psf of potential built-up space, including an estimated $2.78 million
    development charge then. The site is zoned commercial. Built in the 1960s, Satnam House stands
    at the corner of High Street and North Bridge Road, and is opposite the new
    Parliament Building. Next to it are The Treasury and the Supreme Court. The tender for Satnam House will close on
    Dec 18. Meanwhile, the seven-storey Wisma
    Sugnomal on High Street is also up for sale. According to previous media
    reports, its owner Gul Aswani is asking for $22 million, or $1,263 psf, for
    the 999-year lease property. At High Street Centre, the 16 shops, 41
    offices, 20 apartments and 485 carpark lots that once belonged to former
    lawyer Loo Choon Beng have been put up for tender. According to data from SISV Services'
    REALink 21 database, the average price for strata title office sales in the
    High Street area was $752 psf for the 999-year leasehold High Street Plaza
    and $441 psf for High Street Centre which has 66 years left of its lease.
    The prices are based on caveats lodged in the 12 months to August.  
    - By  Andrea Tan     Singapore
    Business Times     28 Nov 2002
  
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