Strata office unit at Samsung Hub sold for $14.8 mil or $4,117 psf
/ EdgeProp Singapore |
The unit sold is located on a high floor and measures 3,595 sq ft (Picture: Samuel Isaac Chua/The Edge Singapore)
A strata office unit at Samsung Hub, a Grade A office tower on Church Street in the CBD, has been sold for $14.8 million. The unit is located on a high floor and occupies 3,595 sq ft, and the price translates to $4,117 psf. The deal was co-broked by Knight Frank Singapore and Sammi Lim, founder and executive director of Brilliance Capital, who is the appointed exclusive marketing agent for the unit.
EdgeProp Singapore reported back in July that a 3,595 sq ft unit at Samsung Hub was on the market with a guide price of $4,350 psf, or about $15.6 million.
Based on caveats lodged, the last two transactions at Samsung Hub were for two neighbouring units on the 10th floor of the 30-storey, 999-year leasehold Grade-A office tower in November 2023. The larger unit of 3,186 sq ft fetched $12.493 million, while the other unit of 2,906 sq ft changed hands for $11.395 million. The average price for both units was $3,921 psf.
Brilliance Capital's Lim is said to have brokered the last transaction of an entire floor of 13,111 sq ft on the eighth level of Samsung Hub. It went for $53.1 million ($4,050 psf), according to a caveat lodged in July 2022.
Samsung Hub is located at 3 Church Street near the Telok Ayer MRT Station on the Downtown Line and Raffles Place MRT Interchange Station (for the North-South and East-West Lines). It is in the heart of the CBD and just across the road from the Raffles Place financial district.
Prior commercial transactions at Samsung Hub (Source: EdgeProp Buddy)
“With this transaction, I'm happy to say we're seeing a return close to January 2022 levels, when a 3,875 sq ft unit was sold at $4,155 psf,” remarks Mary Sai, executive director, capital markets (land and building, international real estate) at Knight Frank Singapore.
She adds that well-located freehold offices continue to see “a good level of interest” from private wealth groups, investors and smaller businesses, while the market has a dearth of such spaces to satisfy buyers’ demand.
A total of 49 freehold and 999-year strata offices changed hands in 1H2024, representing seven more transactions than the 42 recorded in 2H2023.
Earlier this month, an entire strata office floor at Tong Building on Orchard Road sold for a record $4,562 psf, or $31.33 million. The 6,867 sq ft space was purchased by Parkway Hospitals Singapore.
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