Grade-A office space at Prudential Tower, priced at $36 mil
A press release from February 22 stated that a high-floor Grade A strata office in Prudential Tower, located in the CBD, was put up for auction via an expression of interest exercise. The price is $36 million.
The office occupies an entire floorplate and has a strata of 11,819 square feet. This works out at a price guide of $3,050 per square foot on strata.
Due to the fact that it is zoned commercial, foreigners and companies are eligible to buy this property, without having any additional stamp duties payable by either the buyer or seller.
The supply of strata commercial property will remain limited in the near term, as only 15% of Singapore’s total office stock is made up of strata office buildings. This is due to URA’s recent implementation of a policy that restricts strata subdivision in certain areas of the CBD.
The office is currently leased out to a multinational firm of real estate consultants. A spokesperson said that this provides investors with a stable and immediate rental.
The Prudential Tower, a 30 storey office tower with strata titles on Cecil Street is located in the CBD. The development is located on a corner plot with a dual road frontage of approximately 87m along Church Street and Cecil Street.
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As a result, strata offices located in Grade-A developments like Prudential Tower, will continue to attract a broad range of buyers, including owner-occupiers as well as corporate investors, family office and high-net worth individuals.
The marketing agency states that the new owner may subdivide the floor to create smaller units, either for renting out to tenants at the end of their lease or to be sold in the future. This is subject to the approval from MCST.
Telok Ayer MRT Station is located within walking distance. The development offers direct, fully-sheltered access to Raffles Place MRT Interchange Station.
The 2nd through 8th floor carparks are equipped with 181 parking spaces.
The EOI exercise will close on March 28.
