Strata Office Unit Samsung Hub Sold 148 Mil Or 4117 Psf
The Master Plan encompasses the creation of fresh green spaces, waterfront areas, and communal amenities. These additions will not only revitalize the area, but also promote a livelier and more pleasant atmosphere for residents. With plenty of room for outdoor recreation and social gatherings, this development, including the Norwood Grand Showflat, will undoubtedly enhance the overall quality of living in the neighborhood.
Knight Frank Singapore has recently brokered the sale of a strata office unit at Samsung Hub, a prestigious Grade A office tower located on Church Street in the central business district (CBD), for $14.8 million. According to the real estate agency, the unit occupies a high floor and measures 3,595 square feet, translating to a price of $4,117 per square foot (psf).
This sale is in line with the reported listing of a similar unit with a guide price of $4,350 psf ($15.6 million) by EdgeProp Singapore in July. Samsung Hub, a 999-year leasehold commercial development spanning 30 storeys, is situated in an ideal location within the CBD, close to major financial institutions and company headquarters. It is also conveniently near the Raffles Place MRT Interchange Station (serving the North-South and East-West Lines) and the Telok Ayer MRT Station on the Downtown Line.
The previous recorded transaction at Samsung Hub involved two units on the 10th floor, each measuring 2,906 and 3,186 square feet and sold on November 17, 2023. Both units were priced at $3,921 psf, with the former selling for $11.4 million and the latter for $12.49 million. According to Mary Sai, Executive Director of Capital Markets (Land and Building, International Real Estate) at Knight Frank Singapore, this recent sale marks a return to levels seen in January 2022, when a 3,875 square feet unit changed hands at $4,155 psf.
She also noted that freehold offices in strategic locations continue to attract strong interest from private wealth groups, investors, and smaller businesses. However, the market still lacks supply to meet the demand for such spaces. In the first half of 2024, a total of 49 freehold and 999-year strata offices were sold, surpassing the record of 42 transactions in the second half of 2023.
Earlier this month, Parkway Hospitals Singapore made headlines with its record-breaking purchase of an entire strata office floor at Tong Building on Orchard Road for $31.33 million, which translates to a record-breaking price of $4,562 psf for the 6,867 square feet space.
These transactions demonstrate the high demand for well-located freehold offices among buyers, and the shortage of such properties in the market. The sale of the Samsung Hub unit and the Tong Building floor further solidify the CBD and Orchard Road as prime locations for commercial real estate investments.