Consecutive office floors at Samsung Hub going for $104.88 mil

/ EdgeProp Singapore
August 17, 2020 5:15 PM SGT
SINGAPORE (EDGEPROP) - Two consecutive office floors at Samsung Hub in the Central Business District (CBD) are going for $104.88 million. The office spaces at level nine and 10 will be sold in an Expression of Interest (EOI) exercise. The owner, Sun Venture, has appointed CBRE as the sole marketing agent for the sale.
Samsung Hub is a prime, Grade-A office building at 3 Church Street, and the 30-storey commercial building has a 999-year leasehold tenure. The development features a double volume entrance lobby and has a high car parking provision of 177 lots.
“Being the rare few strata office buildings in the CBD which comprises such excellent building attributes, Samsung Hub has attracted a number of multinational corporations and financial tenants through the years,” says CBRE.
The office areas on level 9 and 10 each have a strata area of 13,110 sq ft, and are priced at about $4,000 psf. (Picture: CBRE)
The office floors have a strata area of 13,110 sq ft each and each floor comes with a regular, column-free layout and floor-to-ceiling height of 2.7 metres. The office space also features raised floorings and integrated ceiling boards.
The indicative price of $104.88 million translates to about $4,000 psf on the strata area, and the office floors can also be purchased collectively or individually. Both levels are also currently tenanted, says CBRE.
“Ownership within Samsung Hub is tightly held as the various owners have been able to continuously enjoy capital growth over the years; for instance, capital appreciation has been about 10% to 15% over the last two years. As such, the 999-year leasehold office floors at Samsung Hub are seldom traded,” says Michael Tay, head of capital markets Singapore at CBRE.
He adds that most of the office floors at Samsung Hub are held by different owners, and this latest offering is a rare chance to acquire two consecutive floors within the highly sought-after building.
Tay says that he expects keen interest for the office space to come from owner-occupiers and investors, such as boutique real estate funds, family offices, local companies, and high net-worth individuals.
The EOI exercise will close on Sept 29.
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