By Valerie Kor / EdgeProp Singapore | February 28, 2020 4:00 PM SGT
The per sq ft price is the highest for a single strata office floor within the CBD in the last five years. (Photo: CBRE)
SINGAPORE (EDGEPROP) – CBRE has recently brokered the transaction of a strata office floor on the 11th storey of Samsung Hub for $49.78 million. The 999-year building has 30 storeys in total. The office floor comprises four strata units adding up to 13,100 sq ft. The psf price of $3,800 is the highest for a single strata office floor within the CBD in the last five years. Michael Tay, head of capital markets at CBRE, says, “Grade A strata offices, such as those in Samsung Hub, are becoming an increasingly attractive investment option for institutional investors. Not only is there a scarcity of freehold or 999-year leasehold office space in Singapore, but such space is also usually tightly held for long-term capital appreciation.”
“Against a backdrop of tight office supply in the next three years, we expect investors to continue to keep an eye on this asset class so as to tap into any potential upside opportunities over the long term,” adds Tay. Samsung Hub is located at 3 Church Street, at the heart of the Raffles Place financial district.
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