Strata office unit at Prudential Tower for sale at $16 mil
/ EdgeProp Singapore |
The 5,015 sq ft unit has an asking price of $16 million, which translates to $3,190 psf (Picture: Savills)
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A strata office unit at Prudential Tower, a Grade-A office building on Cecil Street in the Raffles Place financial district, is up for sale. The 5,015 sq ft unit has an asking price of $16 million, which translates to $3,190 psf.
The unit has a regular and column-free layout, along with unblocked views overlooking conservation shophouses. It is currently 100% occupied by multinational corporations, says Savills Singapore, which is marketing the unit. However, the unit can also be sold with vacant possession.
Located at the corner of Cecil Street and Church Street, Prudential Tower is a 30-storey, strata-titled office tower that was completed in 1998. The 99-year leasehold commercial building has a remaining land tenure of 71 years. It has direct access to Raffles Place MRT Interchange Station (North-South and East-West Lines) and the Telok Ayer MRT Station (Downtown Line).
Yal Hui Yee, executive director, investment sales and capital markets at Savills Singapore, notes that at $3,190 psf, the property is “an attractive value proposition” compared to freehold strata office units that were transacted above $4,000 psf.
For instance, last month, a 3,595 sq ft, 999-year leasehold strata unit at Samsung Hub on Church Street fetched $14.8 million or $4,117 psf. Elsewhere, an entire strata office floor at Tong Building, a freehold office building on Orchard Road, was sold at a record $4,562 psf.
Caveats lodged with URA Realis show that the last transaction at Prudential Tower was for a 5,715 sq ft unit that fetched $26.5 million ($4,636 psf) on Aug 15 — an all-time psf-price high for the development. Before that, the highest psf-price recorded at Prudential Tower came from the sale of a 1,399 sq ft unit for $4.76 million ($3,402 psf) in August 2022, based on available caveats.
Source: EdgeProp Buddy
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