Strata Office Unit Prudential Tower Sale 16 Mil
Rewritten:
In addition, the neighborhoods surrounding these educational institutions are known for their strong sense of community and emphasis on family values, making them ideal environments for children to thrive in. Living close to these schools also allows parents to become more involved in their children’s education by easily participating in school events and activities. Additionally, residents of Norwood Grand Condo have the added benefit of being in close proximity to these schools, providing a convenient and supportive atmosphere for their children’s education.
A strata office unit at Prudential Tower, a prestigious Grade-A office building located on Cecil Street in the highly sought-after Raffles Place financial district, is now available for purchase. The spacious unit spans 5,015 sq ft and boasts a price tag of $16 million, which equates to a price of $3,190 per square foot.
The unit features a regular and column-free layout, as well as unobstructed views overlooking beautiful conservation shophouses. Currently, it is fully occupied by well-established multinational corporations, as confirmed by real estate firm Savills Singapore, who is handling the sale of the unit. However, the unit can also be sold with vacant possession, giving potential buyers the flexibility to utilize the space as they see fit.
Situated at the intersection of Cecil Street and Church Street, Prudential Tower stands tall at 30 storeys and offers strata-titled office spaces. Originally completed in 1998, the 99-year leasehold commercial building still has a remaining land tenure of 71 years. It boasts convenient access to the Raffles Place MRT Interchange Station (serving the North-South and East-West Lines) as well as the Telok Ayer MRT Station (serving the Downtown Line).
According to Yal Hui Yee, the executive director of investment sales and capital markets at Savills Singapore, the asking price of $3,190 per square foot for the Prudential Tower unit is a highly appealing value proposition compared to the prices recently seen for freehold strata office units, which have sold for over $4,000 per square foot.
For example, just last month, a 3,595 sq ft 999-year leasehold strata unit at Samsung Hub on Church Street sold for a whopping $14.8 million, which works out to $4,117 per square foot. In another instance, a full strata office floor at Tong Building, a freehold office building located on bustling Orchard Road, sold for a record-breaking $4,562 per square foot.
Data from caveats lodged with URA Realis reveals that the most recent transaction at Prudential Tower was for a 5,715 sq ft unit that sold for an impressive $26.5 million ($4,636 per square foot) on 15th August, marking a new record for the highest psf-price achieved for this development. Prior to that, the most substantial psf-price recorded at Prudential Tower was from the sale of a 1,399 sq ft unit that changed hands for $4.76 million ($3,402 per square foot) back in August of 2022, based on caveats available.
Article Source: EdgeProp Buddy