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13,100 sq ft strata office floor at Samsung Hub sold for $49.8 mil

By Valerie Kor

/ EdgeProp Singapore |

February 28, 2020 4:00 PM SGT

SINGAPORE (EDGEPROP) - CBRE has recently brokered the transaction of a strata office floor on the 11th storey of Samsung Hub for $49.78 million. The 999-year building has 30 storeys in total.

The office floor comprises four strata units adding up to 13,100 sq ft. The psf price of $3,800 is the highest for a single strata office floor within the CBD in the last five years.

Michael Tay, head of capital markets at CBRE, says, “Grade A strata offices, such as those in Samsung Hub, are becoming an increasingly attractive investment option for institutional investors. Not only is there a scarcity of freehold or 999-year leasehold office space in Singapore, such space is also usually tightly held for long-term capital appreciation.”

“Against a backdrop of tight office supply in the next three years, we expect investors to continue to keep an eye on this asset class so as to tap into any potential upside opportunities over the long term,” adds Tay.

Samsung Hub is located at 3 Church Street, at the heart of the Raffles Place financial district.

Check out the latest listings near Samsung Hub, MRT Stations and Schools

For price trends, recent transactions, other project info, check out Samsung Hub project research page

Read also:

Institutional investors seen on the hunt for CBD deals but mind the price gap

CBD office tenants shifting to city-fringe locations: Colliers

Keppel REIT selling Bugis Junction Towers for $547.5 mil

Tags:

CBRE Samsung Hub CBD Michael Tay 999-year leasehold office office space Grade A Office Church Street raffles place

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