Strata Office Unit Prudential Tower Sale 16 Mil
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Savills Singapore is offering a strata office unit for sale at Prudential Tower, a highly sought-after Grade-A office building in the heart of Singapore’s Raffles Place financial district. The unit, spanning 5,015 sq ft, is listed at an asking price of $16 million, which translates to $3,190 per sq ft.
According to Savills Singapore, the unit boasts a regular and column-free layout, with unblocked views overlooking charming conservation shophouses. Currently, the unit is fully occupied by multinational corporations. However, it can also be sold with vacant possession.
Strategically 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. As a 99-year leasehold commercial building, it still has a remaining land tenure of 71 years. One of its biggest selling points is its direct access to Raffles Place MRT Interchange Station (serving the North-South and East-West Lines) and Telok Ayer MRT Station (serving the Downtown Line).
Savills Singapore’s executive director of investment sales and capital markets, Yal Hui Yee, highlights that at $3,190 per sq ft, this property presents a compelling value proposition compared to other freehold strata office units that have been transacted above $4,000 per sq ft. For instance, last month, a 3,595 sq ft, 999-year leasehold strata unit at Samsung Hub on Church Street was sold for $14.8 million, or $4,117 per sq ft. Similarly, another entire strata office floor at Tong Building, a freehold office building on Orchard Road, was sold for a record price of $4,562 per sq ft.
Records from URA Realis show that the most recent transaction at Prudential Tower was for a 5,715 sq ft unit, which was sold for $26.5 million ($4,636 per sq ft) on August 15, setting a new record for the highest psf price achieved at the development. Prior to that, the highest psf price recorded at Prudential Tower was from the sale of a 1,399 sq ft unit for $4.76 million ($3,402 per sq ft) in August 2022, based on available caveats.
Source: EdgeProp Buddy
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The offer submitted by the consortium reached a new height of $1,360 per square foot per plot ratio (psf ppr), which was a remarkable 18% higher than the second top bid of $819.99 million (or $1,153 psf ppr) from Tanglin Land, a subsidiary of CapitaLand. This achievement is a noteworthy milestone, considering the last bid for a nearby plot was eight years ago when Gem Residences was built. Don’t forget to check out The Orie Showflat for more details.