City Developments Ltd (CDL) has sold another small office block located at the corner of Kitchener Road and Jalan Besar.
The Office Chamber was sold for nearly $13 million, which works out at around $940 per square foot (psf) of the net lettable area (NLA).
The buyer, ERC holdings, is expected to refurbish the office block extensively, which could increase the original NLA. The total gross floor area (GFA) of the office block is around 22,000 square feet.
In November 2009, CDL sold nearly all of the 999-year leasehold office space at North Bridge Road for $46 million or about $1,194 psf of the strata area.
ERC holdings plans to spend between $3.5 million and $5 million to renovate the office block and use it as a campus for the company’s private school, the ERC Institute.
DTZ, which brokered the deal for the North Bridge Road property is believed to have also handled the sale of The Office Chamber.