Strata Office Unit Samsung Hub Sold 148 Mil Or 4117 Psf
A prime office space located on a high floor of Samsung Hub, a prestigious Grade A office tower in the CBD, has been recently sold for a whopping $14.8 million. The unit, spanning 3,595 sq ft, was brokered by Knight Frank Singapore and translates to a price of $4,117 psf. This sale comes after EdgeProp Singapore had previously reported in July about a similar unit at Samsung Hub being put up for sale at a guide price of $4,350 psf or $15.6 million.
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Samsung Hub is a highly sought-after 999-year leasehold commercial building with 30 storeys, situated in the heart of the CBD. With its prime location near major financial institutions and corporate headquarters, the office is highly desirable. Adding to the convenience, it is in close proximity to two MRT Stations, namely Raffles Place Interchange (North-South and East-West Lines) and Telok Ayer Station (Downtown Line).
The last transaction at Samsung Hub was a unit with an area of 2,906 sq ft on the 10th floor, which was sold for a handsome $11.4 million ($3,921 psf) on Nov 17, 2023. Another unit with a similar size, measuring 3,186 sq ft, was also sold on the same day at $3,921 psf or $12.49 million.
According to Mary Sai, executive director, capital markets (land and building, international real estate) at Knight Frank Singapore, “With this transaction, I am pleased to report that we are seeing prices close to those seen back in January 2022, when a unit with an area of 3,875 sq ft was sold at $4,155 psf.” She further added that freehold offices in prime locations are witnessing high demand from private wealth groups, investors and smaller businesses, while the market is currently facing a shortage of such spaces.
In the first half of 2024, a total of 49 freehold and 999-year strata offices were sold, seven more than the 42 transactions recorded in the second half of 2023. Just a few days ago, a single floor strata office at Tong Building on Orchard Road was sold for a record-breaking $4,562 psf or $31.33 million. The 6,867 sq ft space was purchased by Parkway Hospitals Singapore.
This transaction at Tong Building reaffirms the strong demand for prime freehold office spaces, with Parkway Hospitals paying an eye-catching price of $31.33 million, breaking all records at $4,562 psf.