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GMG Building on Robinson Road is up for sale by tender at an asking price of $45 million or $820 per square feet for existing strata area.

The 12-storey freehold block has a total strata area of 54,831 square feet and a net lettable area of 52,074 sq ft, with 11 strata certificates of titles.

It occupies a site area of 5,549 sq ft and enjoys 94 per cent occupancy, with a gross rental income of $1.3 million a year.

According to the 2003 Master Plan, the site can be developed into a 35-storey commercial property with a plot ratio of 11.2+.

DTZ Debenham Tie Leung (SEA), which is handling the sale for Pannindo Land, said that the building is conveniently located within the central business district and is within walking distance from Raffles Place and Tanjong Pagar MRT stations.

'There are very few freehold office buildings available for sale in Singapore,' said DTZ director for investment advisory Tang Wei Leng. 'GMG is a good boutique-sized office development that offers investors the opportunity to own and reposition it in accordance with today's market preferences.'

DTZ added that demand for good locations and well-specified buildings with full occupancy is favourable to the sale of GMG Building.

Also, rents for prime office space are continuing to rise, with Raffles Place going for $6.10 per sq ft. Recent transactions in the CBD include 79 Anson Road at $790 psf and No 1 Phillip Street at $1,036 psf.

The tender for GMG Building closes on June 29.