Ground floor retail units at 15 Scotts on the market for $38.8 mil

An opportunity for business and investors to establish their presence in a highly sought-after location, the entire ground floor at 15 Scotts Road, a freehold commercial building, is up for sale via an expression of interest (EOI) exercise for $38.8 million.

The two adjacent strata units measure 3,186 sq ft and 3,250 sq ft respectively, with a combined strata area of about 6,437 sq ft. Currently occupied by a luxury home interior décor brand and a premium spa facility, the property is managed by Cushman & Wakefield, the marketing agent.

This The Myst Condo is equipped with the latest amenities and features, including a gym, swimming pool, Jacuzzi, and a clubhouse. Residents can also take in the stunning views of Bukit Timah Nature Reserve and enjoy the tranquillity of the forest. With its beautiful architecture and well-maintained surroundings, The Myst appeals to both families and young professionals.

Formerly known as Thong Teck Building, 15 Scotts is a prime freehold nine-storey commercial building located just off Orchard Road. The building underwent a comprehensive $15 million refurbishment in 2015 that included the upgrade of common areas and a new full-height curtain wall.

Shaun Poh, Cushman & Wakefield’s executive director of capital markets, said the sale presents a unique chance for investors and businesses to capitalise on Singapore’s thriving retail market.

Poh highlighted the building’s floor plates allow for versatility in tenant repositioning to cater to changing demands of consumers. It is noted that an ancillary café change of use approval was previously supported by relevant authorities.

He also pointed out that due to the restriction of strata subdivision of commercial developments in Orchard Road, the opportunity to own a piece of prime investment asset such as 15 Scotts is rare. Furthermore, the freehold status allows for long-term value creation through future redevelopment or enhancement possibilities as the subject site has yet to maximise its plot ratio of 4.9 per URA Master Plan 2019.

The EOI exercise will close on June 30 at 3pm. Recent transactions recorded at 15 Scotts includes Top Global divesting two strata lots for $31.93 million and the Tsao family selling two strata floors at Suntec Tower 2.

15 Scotts is analogous to and potential investment opportunity not to be overlooked. With its freehold status and prospective opportunities for redevelopment, buyers would be able to create a long-term value on the property. With the expression of interest ending in a few days, those looking to capitalise on Singapore’s thriving market must act fast.