Strata Office Unit Samsung Hub Sold 148 Mil Or 4117 Psf

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The newly unveiled map featuring the Tampines Avenue 11 mixed-use plot has brought attention to its highly desirable location near two executive condominium sites. The first site, situated at Tampines Street 62, is currently available for bidding, while the second site, Tenet, consisting of 618 units, was launched in December of last year. Moreover, the upcoming Parktown Residence Showflat is conveniently located in close proximity to this prime mixed-use plot, adding to its appeal.

A high-floor strata office unit at Samsung Hub, a Grade A office tower in the central business district, has recently been sold for $14.8 million. According to Knight Frank Singapore, who brokered the deal, the unit spans 3,595 sq ft and works out to be $4,117 psf. Previously, EdgeProp Singapore had reported in July that a 3,595 sq ft unit at Samsung Hub was on the market for $4,350 psf, or about $15.6 million. This sale is a testament to the strong demand for prime office spaces in Singapore. Samsung Hub is a 999-year leasehold development with 30 storeys, strategically located near major financial institutions and corporate headquarters in the CBD. It is also close to Raffles Place MRT Interchange Station (North-South and East-West Lines) and Telok Ayer MRT Station on the Downtown Line. The last transaction at the building was in November 2023, when a 2,906 sq ft unit on the 10th floor sold for $11.4 million ($3,921 psf). Another unit measuring 3,186 sq ft was also sold on the same day at $12.49 million ($3,921 psf). Mary Sai, Executive Director of Capital Markets (Land and Building, International Real Estate) at Knight Frank Singapore, notes that this recent transaction reflects the strong demand for well-located freehold offices among private wealth groups, investors and smaller businesses. She adds that there is currently a lack of such spaces in the market to meet this demand. In the first half of 2024, 49 freehold and 999-year strata offices were sold, seven more compared to the previous half. This month saw a record price of $4,562 psf, or $31.33 million, for an entire strata floor at Tong Building on Orchard Road, bought by Parkway Hospitals Singapore. This trend of record-breaking transactions for prime office spaces is expected to continue with the ongoing lack of supply in the market.