Two full office floors at Springleaf Tower in Tanjong Pagar have been put on the market with a combined guide price of S$54.15 million, according to Singapore Business Review.
The two floors span about 20,645 sq ft in total, translating to roughly S$2,623 per sq ft (psf). Buyers can purchase the floors individually or together, with the lower floor carrying a guide price starting at S$25.65 million.
The sale is being jointly marketed by CBRE and Sakal Real Estate, with the expression-of-interest exercise closing at 3pm on October 1.
Why the property is attracting attention
Springleaf Tower is a 37-storey office building in Singapore’s CBD, with direct sheltered access to Tanjong Pagar MRT station through an underground walkway.
Each floor comes with exclusive use of its lift lobby, restrooms and pantry, while the offices feature column-free layouts, raised flooring and independent air-conditioning systems.
According to CBRE, entire office floors in the building are rarely offered because they have historically been tightly held by a small group of owners.
Could this set a new price benchmark?
The most recent recorded Springleaf Tower transaction was the 31st floor, which sold for S$2,550 psf in November 2022.
At the current guide price of about S$2,623 psf, a successful deal would therefore establish a new benchmark for the building, according to CBRE.
The agents expect interest from both investors and owner-occupiers, particularly amid restrictions on strata subdivision of commercial properties in the CBD and continued demand for strata office space.
Tanjong Pagar’s redevelopment adds another angle
The marketing agents also pointed to the ongoing redevelopment of the Tanjong Pagar area and the longer-term development of the Greater Southern Waterfront as potential factors supporting nearby office capital and rental values.
Another notable feature: the transaction will not incur Additional Buyer’s Stamp Duty or Seller’s Stamp Duty, according to the listing.
WWC ONE MEDIA J.M.D
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