Office floor at Visioncrest Orchard released for sale at $54.84 mil

SINGAPORE (EDGEPROP) - A new office floor at Visioncrest Orchard, a freehold strata commercial development at Penang Road, has been put up for sale at a guide price of $54.84 million. The 14,478 sq ft office space on the second floor was put up for sale by real estate investment managers TE Capital Partners (TEC) and LaSalle Investment Management, who own the 11-storey development after acquiring it for $450 million last November. The guide price of the office floor works out to $3,788 psf. This is about 33% higher than the amount TEC and LaSalle Investment paid for the office floor. Resale caveats indicated that the 14,478 sq ft office space fetched $41.29 million ($2,852 psf) back in Nov 2023. Read also: Office rents plateau in 3Q2024 as CBD vacancy rate climbs for second consecutive quarter: JLL Advertisement Advertisement VisionCrest Orchard is a freehold commercial strata development completed in 2008. It features Grade-A office spaces on the upper floors. The ground floor houses a retail podium, with two levels of basement parking accommodating up to 135 cars. The offices span a total of 149,652 sq ft, while the retail space covers 5,059 sq ft, spread across 11 storeys. In July, TEC and LaSalle Investment launched the sixth and ninth office floors of Visioncrest Orchard for sale. According to marketing materials seen by EdgeProp Singapore, these office spaces are still on the market. All three office floors launched to date are currently marketed by CBRE, ERA Realty, JLL, Knight Frank, PropNex Realty, and Savills. The sixth floor, spanning 14,725 sq ft, has a guide price of about $58.6 million ($3,980 psf). The ninth floor, spanning 14,844 sq ft, comes with a guide price of $61.3 million ($4,130 psf). The fifth and eighth office floors of the building have been sold to separate buyers, with the price for the upper floor exceeding $4,000 psf and setting a new record for strata-titled office assets in the Orchard Road area, according to media reports in September.