GB Building, located on Cecil Street, Central Business District (CBD), is launched for sale, covering commercial units and entire office buildings, with a total guide price of approximately RMB 70 million.

Yidi Industry Consulting Company (ETC), which is responsible for sales, issued a statement on Tuesday (March 11) stating that the sales of the project will be conducted by invitation of buyers (EOI).

The commercial units launched this time include the first and second floors connected to the first and second floors, with a total area of ​​13,067 square feet, and a guide price of 45 million yuan, equivalent to 3,443 yuan per square foot. The entire office building is 12,594 square feet, with a guide price of 25 million yuan, equivalent to 1,985 yuan per square foot.

Since this is a commercial location, buyers do not have to pay additional buyer stamp duty and there are no purchase restrictions for foreign buyers.

Xu Xiaofen, director of Yidi Industrial Investment Consulting, said that the lower-level commercial units in the central commercial district have always been favored by the market due to their high traffic and conspicuous characteristics.

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Similar units in the neighboring Prudential Tower were sold at $4,636 per square foot in August, showing strong demand for such assets. Xu Xiaofen believes that in comparison, the pricing of the lower floor units of Yuanmei Building is more attractive.

She also said: “The unit has been approved for catering and bars (including live entertainment) purposes, which is in line with the market's interest in the concept of immersive catering and nightlife.”

The office units of Yuanmei Building were sold for about 10.88 million to 10.7 million yuan last year, equivalent to 1978 to 1980 yuan per square foot. Xu Xiaofen said that both units for sale have been rented out, providing instant rental income for buyers.

The deadline for submission of EOI is 3:00 pm on April 15th.