Ground level retail apartments at 15 Scotts are for sale for $38.8 million

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Check this out: The Vaughan Road two-story semi-detached residence will be auctioned off on May 25

The Vaughan Road two-story semi-detached residence will be auctioned off on May 25

All of the ground level of 15 Scotts, a commercial property situated on Scotts Road which is being offered for sale as the expression of interest (EOI) exercise in the press release issued by the marketing agent Cushman & Wakefield. The property is comprised of two strata units. the property is listed for sale at $38.8 million.

The units next to them measure 3,186 and 3,250 sq ft, respectively and have a strata space of 6,437 square feet. These units are currently used by a premium home decor brand as well as an elite spa.

Formerly named Thong Teck Building, 15 Scotts is a premier freehold commercial property that sits near Orchard Road. The building went through a major 15 million renovation in 2015, which included the upgrading of common areas as well as an entirely new curtain wall.

Shaun Poh, Cushman & Wakefield’s executive director for capital markets, says the property will enable buyers to profit from Singapore’s growing retail market. “The sale is a rare opportunity for entrepreneurs and investors seeking to establish their presence in a sought-after location. The freehold status of the property permits long-term value creation by way of future enhancement or redevelopment options, as the site has not yet reached it’s plot ratio which stands at 4.9 as per the URA Master Plan 2019” the agent says.

Poh further reveals that the floor plates of the building provide flexibility for tenant relocation to meet the changes in the needs of customers. Based on previous records that an alternative cafe change of usage approval was earlier backed by the relevant authorities. “Most important, given that strata subdivision for commercial developments on Orchard Road is being restricted and the chance to own an investment property such as 15 Scotts is extremely rare,” he continues.

The EOI process will end on June 30th at 3pm.