Springleaf Tower office floors on sale for $54m

The floors may be purchased individually or together.

Two full office floors at Springleaf Tower in Tanjong Pagar have been put up for sale with a combined guide price of $54.15m.

The price translates to approximately $2,623 per square foot based on their combined strata area of 20,645 square feet.

The floors may be purchased individually or together, with individual pricing starting from $25.65m for the lower floor.

CBRE and Sakal Real Estate are jointly marketing the properties through an expression-of-interest exercise, which will close at 3 p.m. on 1 October.

The transaction will not incur Additional Buyer’s Stamp Duty or Seller’s Stamp Duty.

Each floor comes with exclusive use of its lift lobby, restrooms and pantry. The offices also feature column-free layouts, raised flooring and independent air-conditioning systems.

Springleaf Tower is a 37-storey office building in Singapore’s central business district. It has direct sheltered access to Tanjong Pagar MRT station through an underground walkway.

CBRE Deputy Managing Director Michael Tay said entire office floors in the development were rarely offered because units were tightly held by a small group of owners.

The latest recorded transaction in Springleaf Tower was the sale of its 31st floor for $2,550 psf in November 2022. CBRE said a sale at the current guide price would establish a new benchmark for the building.

Sakal Real Estate Managing Director Steven Ming expects interest from investors and owner-occupiers, citing restrictions on the strata subdivision of commercial properties in the CBD and continued demand for strata office space.

The agents also expect the ongoing redevelopment of the Tanjong Pagar area and the longer-term development of the Greater Southern Waterfront to support nearby office capital and rental values.