Lian Beng-led group offloads 79,500 sq ft office space at Prudential Tower

By Michael Lim / The Edge Property | January 23, 2017 9:00 AM SGT
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A Lian Beng-led consortium has announced the sale of 17 strata office units, or about 79,460 sq ft of office space, at Prudential Tower for $206.6 million. The sale price works out to about $2,600 psf based on the strata area. Prudential Tower sits on a site with a balance lease term of 78 years.
According to sources, the buyer is said to be One Tree Partners, a private-equity fund management firm founded by Tan Shern Liang and Roy Tan. The space being sold by Epic Land is part of the 230,700 sq ft that the consortium bought from Keppel REIT in 2014 for $512 million, or $2,316 psf on strata area. The 230,700 sq ft space is located on Levels 1 and 10 to 29 (excluding part of Level 16), which works out to 92.8% of the 30-storey office building.
Epic Land has been selling some of the office space over the past few years. Following the sale of these 17 strata-titled units, Epic Land still owns about 60,000 sq ft of office space in the building. Lian Beng owns 32% of Epic Land. The other consortium members are KSH Holdings, with 28%; KOP, 25%; and Centurion Global, 15%.
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