posted Nov 17, 2015, 9:03 PM by Benjamin Ng   [ updated Nov 17, 2015, 9:15 PM ]

For the third quarter of 2015, office rents and value continues sliding down. This was mainly due to continual moves by financial institutions to send some functions out of the central city area to cheaper suburban locations, and the huge supply of new space in the pipeline (Marina One, Gucco Towers, V on Shenton, DUO Tower, etc) are most likely to keep the market in the slower lane.

As office rents continue sliding, office tenants located in suburban locations may be finding means and ways into entering CBD areas.

Hence, we bring to you the affordable and cheapest top 5 office buildings that you can find in prime Raffles place.

Afro Asia Building - $4.20 psf

Afro Asia Building is commercial property located at 63 Robinson road. It is around 10 mins walk from Raffles MRT Station, also closed to Tanjong Pagar MRT Station.

It is a very old building which is more than 20 over years, hence it is probably the lowest rent for office unit you can find in prime District 1 Raffles Place for just $4.20 psf.

There were rumors around in the street that the building might undergo a redevelopment, but nothing is confirmed yet. At the moment, it would be impossible to sign a 2 years lease with the landlord of this building.

Another factor which probably depressed the rent for this commercial property is the infamous murder case which happened 4 years ago. The law firm owner’s wife was murdered due to a legal dispute fee with the suspect. The law firm was then set on fire, leaving the wife unconscious in the burning unit. This case is still an on-going case till date with the trials still going on.

Shenton House - $5 psf

Shenton House is a 25-storey commercial development located along 3 Shenton Way.

It is being used primarily for office rental and sale. It is 5 minutes’ walk away from Telok Ayer, Downtown & Raffles Place Station.

It was completed in 1969, an old building stretching as long as over 40 years. It had a refurbishment project which upgraded the main lobby of the building.

If you are looking for a prime office location in CBD Raffles Place area for under $6 psf, Shenton House is the one not to be missed out.

Tong Eng Building - $6 psf

Tong Eng Building is a 26-storey office building located along 101 Cecil Street. It is an office tower with multiple ownerships whereby several Indian-owned businesses thrive. Nearly 35% of the roughly 190 offices in this building are occupied by them, many settled in decades ago while others are more recent arrivals.

For some, Tong Eng Building is filled with positive vibes which has been good for businesses. Event management firm De Ideaz's chief executive officer Purnima Kamath, who has been a tenant in the building for the past 11/2 years, agrees: "There is a certain good feng shui in this building; a lot of positive vibes... and a feel good factor."

While convenience is undoubtedly the key word, most of these businessmen agree that the atmosphere within the building is what they enjoy. Since almost 35 per cent of the building is occupied by Indian businesses, there is almost a community-like air in the building.

150 Cecil Street - $6 Psf

150 Cecil Street is a 16-storey commercial project situated along 150 Cecil street. It was formerly known as AXA Building. It is 5 minutes’ walk away from Raffles Place Station or Tanjong Pagar Station.

It was completed in 1973, also a very old building stretching for more than 40 years. It is undergoing some building upgrading at the moment, and although old the building has been nicely upkept by the building management.

If you are looking for an affordable office unit in CBD Raffles, be sure to check out 150 Cecil Street.

 Keck Seng Tower - $6.20 psf

Keck Seng Tower is a 18-storey office building that has recently in 2011 undergone refurbishment to its main lobby all lift lobbies and toilets. Its lift cars are also replaced.

It was completed in 1984, located along 133 Cecil Street. Although a fairly old building over more than 30 years, this refurbishment project gives a positive feel to the building. For an affordable and budget office rent in prime Raffles location, Keck Seng Tower would be your best bet.

For more reviews and insights of Singapore Cheap offices, please sure to check back regularly to this website for the latest updates.