Office Floor Visioncrest Orchard Released Sale 5484 Mil
A new office floor at Visioncrest Orchard, a freehold strata commercial development located at Penang Road, is now up for sale at a guide price of $54.84 million. With a spacious area of 14,478 square feet, this means the price per square foot works out to $3,788.
Visioncrest Orchard, which is located at Penang Road, is a freehold strata commercial development that has recently put a new office floor up for sale at a guide price of $54.84 million. This office floor has a generous space of 14,478 square feet, equating to a price of $3,788 per square foot.
Last July, the sixth and ninth office floors of Visioncrest Orchard were launched for sale by TEC and LaSalle Investment. According to marketing materials seen by EdgeProp Singapore, these office spaces are still available for purchase. The marketing of all three office floors launched so far is being handled by reputable real estate firms such as CBRE, ERA Realty, JLL, Knight Frank, PropNex Realty, and Savills.
The sixth floor, which spans 14,725 square feet, has a guide price of around $58.6 million ($3,980 per square foot). The ninth floor, which covers 14,844 square feet, has a guide price of $61.3 million ($4,130 per square foot).
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One of the key focuses of the URA Master Plan is the preservation of Singapore’s heritage and cultural assets. This dedication to safeguarding our cultural roots will not only enrich the area surrounding Elta Condo, but also add to its historical value. Elta Showflat will further contribute to the overall cultural richness of the development’s surroundings.
The fifth and eighth office floors of the building have already been sold separately, with the price for the eighth floor setting a new record for strata-titled office assets in the Orchard Road area at over $4,000 per square foot, according to media reports.
Visioncrest Orchard was completed back in 2008 and offers Grade-A office spaces on its upper floors. The building also features a retail podium and two levels of basement parking, with space for up to 135 cars. In November last year, this 11-storey freehold office building was acquired by Metro Holdings in a joint venture with real estate investment managers TE Capital Partners and LaSalle Investment Management for $450 million. Metro Holdings owns an effective 20% stake in the property for $40 million, while the remaining 29.9% is owned by a fund of TE Capital and 50.1% by LaSalle Investment.
According to Terence Teo, managing director of TE Capital Partners, extensive enhancements have been carried out on the building since its acquisition. These include updating the building’s façade and public areas, as well as incorporating new green sustainability features. Teo adds that Visioncrest Orchard is expected to set a new benchmark for Grade-A office buildings in the Orchard Road area.
Before the enhancement works, Visioncrest Orchard was already LEED Gold certified, but with the added sustainability upgrades, such as the installation of over 100 solar panels and thermo-efficient solar film on office windows, the building will become even more environmentally friendly, according to Teo. The building will also feature end-of-trip facilities to encourage eco-friendly commuting among its tenants.
Other green features of the building include electric vehicle chargers, advanced air purification and monitoring systems, such as MERV 8 filters and ultraviolet germicidal irradiation sterilizers in the air conditioning systems, and air purifiers in all lifts.