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Office building in CBD for sale by tender

CBRE executive director Chan Fook Kheong described The Globe as 'a unique investment opportunity for an investor looking to buy a quality office building in the CBD'.

The Straits Times - April 16, 2002
By: Vladimir Guevarra

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Office building in CBD for sale by tenderAt least three companies are keen to buy The Globe office building, which is 93 per cent occupied. (PHOTO: CB RICHARD ELLIS)

THE 15-storey The Globe office building at the corner of Cecil Street and Boon Tat Street is being sold by public tender by its owner, a Malaysian retail group.

Property consultancy CB Richard Ellis (CBRE), which has been appointed to sell the building, said it is 93 per cent occupied by tenants, which include Thai Airways' Singapore office.

CBRE executive director Chan Fook Kheong described The Globe as 'a unique investment opportunity for an investor looking to buy a quality office building in the CBD'.

He said the high occupancy rate can provide the investor with secure rental returns despite the sluggish sentiment in the office market.

He added that at least three local and foreign property companies have shown interest in buying the property, which stands on 9,080 sq ft of land within the prime Central Business District (CBD).

An industry source told The Straits Times that The Globe is being sold by its Malaysian owner because the building is not part of its core assets.

The source also said the building's mortgagee-in-possession is OCBC Bank.

With a 99-year leasehold tenure starting from November 1983, the building has a gross floor area of 62,690 sq ft and a total lettable area of 39,126 sq ft.

A typical office's floor area ranges from 2,210 sq ft to 2,465 sq ft. The building is located just across the road from Tong Eng Building and is near Cecil Court.

Based on the average of estimates given by two property analysts, The Globe could fetch $627 psf.

Mr Chan said bids for the property will be accepted until May 23.

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