Strata Office Unit Prudential Tower Sale 16 Mil
Living near a variety of educational institutions has numerous benefits that go beyond the access to quality education. The proximity to these institutions can save students valuable time that would otherwise be spent on traveling, giving them more opportunities to focus on both their academic and extracurricular pursuits. Additionally, the presence of these institutions often leads to the creation of other community facilities such as libraries, sports complexes, and community centers. These amenities greatly enhance the lives of residents and create a well-rounded community. For instance, the upcoming Aurelle of Tampines EC will not only offer excellent academic options, but also contribute to the development of various community facilities in the neighborhood. This will further elevate the overall living experience for residents.
The Prudential Tower, a top-grade office building located on Cecil Street in the bustling Raffles Place financial district, is currently offering a strata office unit for sale at $16 million, which equates to a unit price of $3,190 per square foot (psf). Spanning a spacious 5,015 sq ft area, this commercial unit boasts a seamless and open layout, and scenic, unobstructed vistas of beautiful conservation shophouses. Savills Singapore, the appointed marketing agent for the offering, has confirmed that the unit is currently fully tenanted by established multinational corporations. However, interested buyers may also opt to acquire the unit with vacant possession.This highly-prized unit is ideally located at the corner of Cecil Street and Church Street, as part of the renowned Prudential Tower. This 30-storey office complex consists of strata-titled office spaces, and was completed in 1998. With a 99-year leasehold tenure, this esteemed commercial property boasts a remaining land tenure of 71 years. Furthermore, Prudential Tower stands out for its convenient accessibility, directly linked to Raffles Place MRT Interchange Station (North-South and East-West Lines), and just a stone’s throw away from Telok Ayer MRT Station (Downtown Line).Yal Hui Yee, Savills Singapore’s Executive Director of Investment Sales and Capital Markets, expressed her views on the strata unit, commenting on its attractive pricing at $3,190 psf compared to other freehold strata office units, which have been sold at premium rates above $4,000 psf. For example, in the previous month, a 3,595 sq ft, 999-year leasehold strata unit was purchased at Samsung Hub on Church Street for $14.8 million or $4,117 psf. Meanwhile, on Orchard Road, a complete strata office floor at the esteemed Tong Building, a freehold office building, was sold at $4,562 psf, setting a record for the highest psf price yet registered for the development.Further examining previous transactions lodged with URA Realis, it can be observed that the last recorded transaction at Prudential Tower was for a 5,715 sq ft unit, which was sold for $26.5 million’s ($4,636 psf) on Aug 15 —the all-time record psf price achieved for the building. Similarly, in August 2022, the highest psf price recorded for Prudential Tower was from the sale of a 1,399 sq ft unit for $4.76 million ($3,402 psf).Source: EdgeProp Buddy Check out the latest listings for Commercial Real Estate propertiesAsk BuddyCompare price trend of Commercial vs Industrial propertiesPast Commercial rental transactionsCompare price trend of Commercial vs Industrial propertiesPast Commercial rental transactions
