|
 
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 sale
Asking 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
|
