Retail unit on ground floor of Prudential Building up for sale
By Angela Teo
/ The Edge Property |
Epic Land, a consortium led by Lian Beng, has placed the 5,715 sq ft retail unit located on the ground floor of Prudential Tower (below) for sale by public tender. According to CBRE, the appointed marketing agent, the guide price for the unit is $20.8 million, which works out to $3,639 psf.
The property is the only retail unit in the 30-storey building and is currently leased to Prudential Assurance as a service centre until March next year. The unit has two main-road frontages and is said to have high pedestrian footfall from the traffic junction of Cecil Street and Church Street. According to CBRE, subject to the relevant authorities’ approval, the unit could house an F&B or a retail outlet, or a showroom or banking hall.
Epic Land is owned by Lian Beng (32%), KSH Holdings (28%), KOP (25%) and Centurion Global (15%). The consortium purchased the retail unit as part of its overall purchase of 230,700 sq ft of space in Prudential Tower from Keppel REIT in 2014 for $512 million, or $2,316 psf on strata area.
In January, Epic Land sold 79,460 sq ft of the commercial space to One Tree Partners for $206.6 million, or $2,600 psf based on the strata area.
The tender exercise closes on July 11.
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp FacebookSubscribe to our newsletter
Top Articles
Search Articles