All workers in Singapore were allowed to return to office from 26 April 2022 when the safe management measures (SMMs) were lifted. This move may boost the interest in office spaces as businesses switch back from working from home (WFH) to an office-based environment.
Furthermore, with the Singapore economy projected to grow by 3–5% in 2022, demand for and buyer interest in commercial properties may start to pick-up.
On the back of this, we have curated a list of 99-year leasehold strata-titled office buildings that could fit a small SME team of under 8 staff. These office units are above 500 sq ft and cost under $1.5 million based on the last one-year (January 2021 to April 2022) URA transaction records.
Read Also: Is 2022 A Good Year For Businesses To Invest In A Commercial Property?
Office Buildings Located In The City And Central Region
The city or central region of Singapore has always been the choice location for most businesses. The central business district offers both the convenience of amenities and quick connectivity to other parts of Singapore.
Therefore, SMEs that are in the finance or creative industry or businesses that are servicing clients who are also located in the central region may find it appealing to be similarly located within the city and central region. These businesses will not only gain a premium office address, but also allow their staff and clients to conveniently reach their office.
Here are the choices of office buildings that are located in the city and central region that fit our parameters.
#1 Chinatown Point
| Address | 133 New Bridge Road |
| District | 01 |
| Tenure | 99 Years (From 1980) |
| Median Transacted Price | $1,328,000 |
| PSF | $1,787 |
| Size (Sq ft) | 743 |
Chinatown Point is located in the heart of Chinatown within Singapore’s Central Business District. It is a 25-storey commercial development that combines a 6-storey retail mall and an 18-storey office block.
Based on the single transaction in November 2021, one 743 sq ft sized office unit in Chinatown Point was transacted for around $1,328,000.
Read Also: Guide To Buying A Commercial Property For Your Business In Singapore
#2 Shenton House
| Address | 3 Shenton Way |
| District | 01 |
| Tenure | 99 Years (From 1969) |
| Median Transacted Price | $1,050,000 |
| PSF | $1,875 |
| Size (Sq ft) | 560 |
Shenton House is located at the centre of Singapore’s Downtown Core Central Business District. It is a 25-storey building consisting of both a retail podium and an office tower.
Based on the past transactions from April 2021 to February 2022, the median price of an office unit with a size of 560 sq ft went around for $1,050,000.
#3 The Central
| Address | 6 Eu Tong Sen Street |
| District | 01 |
| Tenure | 99 Years (From 2001) |
| Median Transacted Price | $1,450,000 |
| PSF | $2,283 |
| Size (Sq ft) | 635 – 646 |
The Clarke Quay Central is located on Eu Tong Sen Street and consists of a retail podium, two Small Office Home Office (SOHO) towers, and a 25-storey office tower.
Based on the past transactions from March 2021 to December 2021, the median price of an office unit size ranging between 635 – 646 sq ft went for around $1,450,000.
Read Also: [2021 Edition] Complete Guide To Commercial Property Loans For Singapore Businesses
#4 Manhattan House
| Address | 151 Chin Swee Road |
| District | 03 |
| Tenure | 99 Years (From 1969) |
| Median Transacted Price | $820,000 |
| PSF | $667 |
| Size (Sq ft) | 1,229 |
Manhattan House, which is located between Chin Swee Road and Upper Cross Street, is a 16-storey office and shopping complex.
Based on the past transactions from January 2021 to March 2022, the median price of a 1,229 sq ft sized office unit, sold for around $820,000.
#5 Sunshine Plaza
| Address | 91 Bencoolen Street |
| District | 07 |
| Tenure | 99 Years (From 1997) |
| Median Transacted Price | $1285,000 |
| PSF | $1,341 |
| Size (Sq ft) | 958 |
Sunshine Plaza, which is located at the junction of Middle Road, Bencoolen Street, and Prinsep Street, is a mixed development comprised of commercial, residential, and office space. It also has the largest number of printing shops in Singapore, whether it’s large format printing or digital printing.
There is not much resale activity, but based on the transaction record in January 2022, a 958 sq ft sized office unit was transacted for $1,285,000.
#6 The Plaza
| Address | 7500B Beach Road |
| District | 07 |
| Tenure | 99 Years (From 1968) |
| Median Transacted Price | $1,316,188 |
| PSF | $1,588 |
| Size (Sq ft) | 829 |
The Plaza, which has a distinctive triangular prism design with each face being concave, is located along Beach Road in Kallang. The 30-storey commercial and residential building also houses the Plaza Parkroyal hotel.
Based on the transaction record in December 2021, a single 829 sq ft sized office unit at The Plaza was sold for $1,316,188.
#7 Sultan Plaza
| Address | 100 Jalan Sultan |
| District | 07 |
| Tenure | 99 Years (From 1978) |
| Median Transacted Price | $1,207,800 |
| PSF | $1,100 |
| Size (Sq ft) | 1,098 |
Sultan Plaza, which is located on the southeast side of Singapore along Beach Road, is a mixed commercial development consisting of 211 commercial units and 33 office units. The building has been put up for en bloc twice, with the latest exercise in December 2021, extended to March 2022.
Given the small number of office units, only a single transaction went through over the two years. The 1,098 sq ft sized office unit was sold in July 2021 for $1,207,800.
Read Also: Change Of Use Of Property for Commercial Spaces – A Complete Guide For Businesses in Singapore
#8 High Street Centre
| Address | 1 North Bridge Road |
| District | 06 |
| Tenure | 99 Years (From 1969) |
| Median Transacted Price | 1,153,750 |
| PSF | $2,102 |
| Size (Sq ft) | 549 |
Located close to Clarke Quay and Boat Quay, High Street Centre is a 31-storey mixed-commercial development consisting of retail, office and residential space. The building offers an attractive skyline view of Marina Bay and has convenient access to amenities due to its central location.
Based on the transaction records from May 2021 and April 2022, the median price of an office unit averaging a size of 549 sq ft went for around $1,150,000.
#9 Parklane Shopping Mall
| Address | 35 Selegie Road |
| District | 07 |
| Tenure | 99 Years (From 1974) |
| Median Transacted Price | $670,000 |
| PSF | $1,100 |
| Size (Sq ft) | 549 – 667 |
Parklane Shopping Mall is located at Selegie Road, which is part of the Bras Basah/Bugis arts and cultural precinct in the central region. It is amongst the older buildings in our list and consists of both retail and office space.
Based on the transaction records from early January and February 2021, the median price of an office unit with an average size of around 608 sq ft was sold for $670,000.
#10 SLF Building
| Address | 510 Thomson Road |
| District | 11 |
| Tenure | 99 Years (From 1979) |
| Median Transacted Price | $1,385,000 |
| PSF | $900 |
| Size (Sq ft) | 1,539 |
Located on the fringes of the central region, the SLF Complex is a twin office tower consisting of an 18-storey block, used by MSF, and a 21-storey block, open to the public for sale and lease. These towers are linked by a 5-storey car park. The office space, which was refurbished in 2008, has wide columns, big windows and a high ceiling.
Based on a single transaction record in January 2022, a 1,539 sq ft sized office unit was sold for $1,385,000.
Office Buildings Located In The Eastern Region
The eastern region of Singapore has been the choice of location for many of the companies within the aviation and IT industries. In recent years, Paya Lebar Central has been developed as another employment node for businesses that do not need to be located in the CBD.
Hence, the east could be a suitable location for office spaces for businesses that are linked to the tourism industry or engage in support related-services or those with factories nearby.
Here are the choices of office buildings that are located in the eastern region that fit our parameters.
#11 Paya Lebar Square
| Address | 60 Paya Lebar Road |
| District | 14 |
| Tenure | 99 Years (From 2011) |
| Median Transacted Price | $1,043,444 |
| PSF | $2,018 |
| Size (Sq ft) | 506 – 635 |
Located right above the Paya Lebar MRT interchange, Paya Lebar Square is a mixed-commercial development consisting of a 10-storey premium-grade office tower and 3 levels of retail space.
Based on the past transactions from March 2021 to April 2022, the median price of an office unit averaging a size of 517 sq ft is around $1,040,000.
Read Also: Sophia Goh, Founder & Principal Counsellor Of Sofia Wellness Clinic, Shares How Much It Costs To Set Up A Clinic In Singapore
Office Buildings Located In The Northern Region
The northern region of Singapore, particularly Woodlands, is commonly associated as being the gateway between Singapore and Johor Bahru, Malaysia. However, with the future development of the Woodlands Regional Centre, it will not only be the gateway, but it will also become the largest economic hub in the North region.
This bodes well for businesses that hire a large number of Malaysian staff or have business links or operations in Johor Bahru. The new office spaces being built in Woodlands could be suitable for these businesses as they offer both a strategic location and grade-A office-like facilities.
Here are the choices of office buildings that are located in the northern region that fit our parameters.
#12 Woodlands Square
| Address | 10 Woodlands Square |
| District | 25 |
| Tenure | 99 Years (From 2014) |
| Median Transacted Price | $1,071,444 |
| PSF | $1,913 |
| Size (Sq ft) | 560 – 840 |
Woods Square is the first integrated commercial development located at the heart of the Woodlands Regional Centre. There are 101 Small Office Loft Office (SOLO) units ranging between 495 sq ft and 1,800 sq ft. Additionally, there are around 365 office units available for purchase in Tower 1, with a floor-to-floor height of 4.2m.
Based on the past transactions from January 2021 to March 2022, the median price of an office unit averaging a size of 560 sq ft went for around $1,070,000.
Office Buildings Located In The Western Region
The west region of Singapore was home to the first industrial development in Singapore in the 1960s. Today, the Jurong region has become an important regional business hub with high-quality office buildings and an International Business Park.
Businesses related to oil and gas, shipping, and those with (B2) factories in the region may find it suitable to have an office space in the West region. Furthermore, the development of the Jurong Gateway, which is envisioned to be the “District of the Future”, will also attract new economy companies to the region.
Here are the choices of office buildings that are located in the western region that fit our parameters.
#13 Vision Exchange
| Address | 2 Venture Drive |
| District | 22 |
| Tenure | 99 Years (From 2013) |
| Median Transacted Price | $1,010,000 |
| PSF | $1,577 – $1,953 |
| Size (Sq ft) | 517 – 840 |
Vision Exchange is a 25-storey integrated office development at the heart of Singapore’s second CBD in Jurong East. Aside from the 47 F&B units and 53 medical suites, there are 640 office units ranging from 440–1700 sq ft.
Based on the recent transactions from February 2021 to April 2022, the median price of an office unit averaging a size of 517 sq ft went for around $1,000,000.
Read Also: [2022 Edition] Complete Guide To SME Business Loans In Singapore
Don’t Forget To Crunch Your Numbers For A Commercial Property Loan
For those looking to invest in an office or commercial property, you will also need to take up a commercial or business property loan. With interest rates also on the rise, you need to be diligent about calculating how much financing you can actually get, as well as your monthly instalments.
You can use the OCBC Loan Calculator to start crunching your numbers. When you’re ready for the next step, you can fill in their application online or you can choose to speak to an OCBC Business Development Manager at 1800-BIZLOAN (1800-2495626).
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