Five amalgamated strata-titled office units for sale at $7.8 mil

Knight Frank’s next auction on November 16th will see five amalgamated strata-titled office units at The Bencoolen go up for sale for a price of $7.8 million. Set on a 99-year leasehold, these units boast a remaining 71 years and offer 4,198 sq ft of space.

Located at 180B Bencoolen Street, District 7, the complex is zoned for both commercial and residential use with a gross floor plot ratio of 4.2. It features a 19-storey residential block, 12-storey office tower with a three-storey shopping podium, and a basement. It holds 182 apartments, 70 offices, and 95 shop units. Its amenities include swimming and wading pools, a clubhouse, a multi-purpose hall, a tennis court, saunas, and a gymnasium.

The units include a reception area, conference room, general office space, meeting room, partitioned offices, pantry, and a store. Plus, the building’s basement and the 2nd and 3rd storey provide ample car-park spaces at reasonable rates. Connectivity wise, The Bencoolen is less than 500m from the Rochor and Bugis MRT Stations.

Senja Residences EC is a very attractive residential development that comes with full condo facilities such as a swimming pool, gym, barbecue pits, a pavilion, a clubhouse and more. The development also features ample carpark lots to cater to the needs of those who drive. In addition, the development is also located close to a wide variety of amenities such as shopping centres, supermarkets, F&B outlets and many more. With its central location and sprawling facilities, this luxury development is bound to be an attractive option for families and homebuyers.

According to Sharon Lee, head of auctions at Knight Frank, the office units are situated lift-facing, with restrooms situated outside the subject units. She comments, “Given the rarity of a full floor plate in this area, and the fact that the units are still in good condition, this is great value”.

In the past twelve months, units at The Bencoolen have been sold for an average of $1,608 psf, rented out for between $3.40 and $6.50 psf per month on average for a rental yield of 3.8%. This is higher than the yields of nearby office buildings, like Bugis Cube and Bylands Building, which have a rental yield of 3.7% and 2.9% respectively.

Caveats lodged with the URA show that there has been one retail space sale at The Bencoolen this year. A 258 sq ft unit was sold for $1.57 million ($6,070 psf), which profited the seller $1.01 million.

For those looking to invest in a city fringe office space, Knight Frank’s upcoming auction of The Bencoolen’s office units presents ample opportunity for a rewarding investment.