Office Floor Visioncrest Orchard Released Sale 5484 Mil
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Singapore’s Visioncrest Orchard, a freehold strata commercial development at Penang Road, now offers a new office floor for sale at a price of $54.84 million. This 14,478 sq ft space equates to $3,788 psf.
Last July, TEC and LaSalle Investment launched the sixth and ninth office floors of Visioncrest Orchard for sale. However, these office spaces are still on the market, as stated in the marketing materials by EdgeProp Singapore. The sixth floor, with a space of 14,725 sq ft, has a guide price of approximately $58.6 million, or $3,980 psf. The ninth floor, with a space of 14,844 sq ft, comes with a guide price of $61.3 million, or $4,130 psf.
These three office floors have been marketed by several agencies, including CBRE, ERA Realty, JLL, Knight Frank, PropNex Realty, and Savills.
Reportedly, the fifth and eighth office floors of the building have already been sold separately, with the upper floor setting a new record for strata-titled office assets in the Orchard Road area, selling at a price exceeding $4,000 psf.
Built in 2008, Visioncrest Orchard also houses a retail podium and two levels of basement parking that can accommodate up to 135 cars, in addition to its Grade-A office spaces on the upper floors. Metro Holdings, in a joint venture with TE Capital Partners and LaSalle Investment Management, acquired the 11-storey, freehold office building for $450 million in November last year. Metro holds a 20% stake in the property for $40 million, while TE Capital and LaSalle Investment own 29.9% and 50.1%, respectively.
According to Terence Teo, managing director of TE Capital Partners, extensive asset enhancement initiatives have been undertaken since the acquisition. These include updating the building’s façade and public areas, as well as introducing new green sustainability features. Teo also adds that with these enhancements, Visioncrest Orchard is expected to set a new benchmark for Grade A office buildings on Orchard Road.
Although Visioncrest Orchard was already LEED Gold certified, further sustainability upgrades have been done, such as the installation of over 100 solar panels and thermo-efficient solar film on office windows, to enhance the building even more. In addition, end-of-trip facilities, such as electric vehicle chargers, have been added to promote eco-friendly commuting options among tenants.
Teo mentions that the building also now boasts advanced air purification and monitoring systems, including MERV 8 filters and ultraviolet germicidal irradiation sterilizers in the air conditioning systems, as well as air purifiers in all lifts. These additional green features align with Visioncrest Orchard’s commitment to being a sustainable and modern commercial development.