Strata Office Unit Prudential Tower Sale 16 Mil
A Grade-A office unit in Prudential Tower, situated on Cecil Street within the prestigious financial district of Raffles Place, is now on the market. Spanning 5,015 sq ft, the unit is available for the asking price of $16 million, at a rate of $3,190 per sq ft.
Boasting a regular and column-free layout, the unit offers unobstructed views of the charming conservation shophouses nearby. According to Savills Singapore, the exclusive marketing agent for the property, the unit is currently fully occupied by multinational corporations. However, it can also be sold with vacant possession.
The 30-storey Prudential Tower, located at the intersection of Cecil Street and Church Street, is a strata-titled office tower that was completed in 1998. The 99-year leasehold commercial building still has 71 years left on its tenure. It is strategically linked to the Raffles Place MRT Interchange Station (North-South and East-West Lines) as well as the Telok Ayer MRT Station (Downtown Line).
Executive Director of Investment Sales and Capital Markets at Savills Singapore, Yal Hui Yee, highlights that the property’s $3,190 psf price tag makes it a highly appealing investment opportunity, especially when compared to freehold strata office units that have been transacted at prices exceeding $4,000 psf.
For instance, just last month, an entire, 999-year leasehold strata unit spanning 3,595 sq ft at Samsung Hub on Church Street was sold for $14.8 million, equivalent to $4,117 psf. In another record-breaking sale, an entire office floor at Tong Building, a freehold office building on Orchard Road, was purchased at $4,562 psf.
Information from caveats lodged with the Urban Redevelopment Authority’s Real Estate Information System (URA Realis) reveals that the most recent transaction at Prudential Tower took place on Aug 15, when a unit with a floor area of 5,715 sq ft fetched a staggering $26.5 million, equivalent to $4,636 psf — the highest psf price to have been recorded for the development thus far. Just one month before that, a 1,399 sq ft unit had been sold for $4.76 million, translating to $3,402 psf.
Source: EdgeProp Buddy
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