Thursday, October 26, 2006
[RealEdge] BT : Dapenso Building up for sale
| Published October 26, 2006  | |
| Dapenso Building up for sale DAPENSO Building on Cecil Street has been put up for sale at an indicative price of $60 million. The site is 11,030 sq ft, has a plot ratio of 11.2 and is zoned for commercial use. Marketing agent Colliers International' Last week, SingTel's Crosby House - on a much larger site of 24,531 sq ft - was sold for $163.4 million. With a $26 million development charge and a $65.9 million premium to top up the lease to 99 years, the price worked out to $928 psf ppr. Dapenso Building is 96 per cent let, with leases expiring in 1-2 years. Based on the plot ratio, a new project can be built up to a gross floor area of 123,536 sq ft. Existing rents are about $3 psf per month, but Colliers' Mr Ho reckons the pick-up in office rents could see the future landlord ask $5-$6 psf per month. |
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