A strata office occupying an entire high-floor at Prudential Tower has been put up for sale at $36 million (Photo: CBRE)
SINGAPORE (EDGEPROP) - A high-floor Grade-A strata office within Prudential Tower in the CBD has been put up for sale via expression of interest (EOI) exercise at $36 million, according to a Feb 22 press release from CBRE. Taking up an entire floor plate, the office has a strata area of 11,819 sq ft. This works out to a guide price of about $3,050 psf on strata area.
As the property is zoned for commercial use, companies and foreigners are eligible to purchase it, with no additional buyers’ stamp duty or seller’s stamp duty payable.
At present, the office is fully leased to a multinational real estate consultancy firm. This offers investors stable and immediate rental, says Clemence Lee, CBRE’s director of capital markets, Singapore.
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He notes that the supply of new strata commercial properties will likely remain tight in the near future as strata office buildings make up only about 15% of the total office stock in Singapore, and due to URA’s recent policy implementation of restricting strata subdivision of existing and new commercial buildings in key areas within the CBD.
“As such, strata offices in well-located Grade-A developments such as Prudential Tower will continue to be of strong interest to a wide range of buyers such as owner-occupiers, corporate investors, family offices and high-net-worth individuals,” he says.
Lee adds that the new owner can subdivide the floor into smaller units for rent upon expiry of the existing tenant’s lease, or into smaller strata units to sell in the future, subject to approval from the MCST and relevant authorities.
Prudential Tower is a 30-storey, strata-titled office tower on Cecil Street in the CBD. The development sits on a corner land plot and has dual-road frontage of about 87m along Cecil Street and Church Street. It is equipped with a dedicated drop-off point and 181 carpark lots from the 2nd to 8th floors. The development has direct and fully sheltered access to Raffles Place MRT Interchange Station and is within walking distance of Telok Ayer MRT Station.
The EOI exercise closes on March 28 at 3pm.