A high-floor strata office unit located in Samsung Hub, a premium grade A office tower in the CBD’s Church Street, has been successfully sold for $14.8 million. According to Knight Frank Singapore, who brokered the deal, the unit spans 3,595 sq ft.
This translates to a price of $4,117 psf. In July, EdgeProp Singapore reported that the same unit was put on the market at a guide price of $4,350 psf or approximately $15.6 million.
Samsung Hub is a 999-year leasehold commercial development with 30 storeys, strategically located in the heart of the CBD. It is situated near prominent financial institutions and corporate headquarters, and is also conveniently close to the Raffles Place MRT Interchange Station (North-South and East-West Lines) and the Telok Ayer MRT Station on the Downtown Line.
The latest transaction at Samsung Hub was for a 2,906 sq ft unit on the 10th floor, which was sold for $11.4 million ($3,921 psf) on November 17, 2023. On the same day, a neighboring unit measuring 3,186 sq ft was also sold for $12.49 million, also at a price of $3,921 psf.
According to Mary Sai, executive director of capital markets (land and building, international real estate) at Knight Frank Singapore, this transaction signals a return to prices similar to those in January 2022, when a 3,875 sq ft unit was sold at $4,155 psf.
She also noted that well-located freehold offices are attracting significant interest from private wealth groups, investors, and smaller businesses, while there is a lack of such spaces in the market to meet the demand from buyers.
In the first half of 2024, a total of 49 freehold and 999-year strata offices were transacted, seven more than the 42 recorded in the second half of 2023.
Earlier this month, another record was set when an entire strata office floor at Tong Building on Orchard Road was sold for $31.33 million, or a record $4,562 psf. This 6,867 sq ft space was purchased by Parkway Hospitals Singapore.
This sale at Tong Building follows the trend of high-value transactions in the commercial space, highlighting the growing demand for premium office spaces in prime locations.