Strata Office Unit Samsung Hub Sold 148 Mil Or 4117 Psf
A prime strata office unit situated on a high floor at Samsung Hub, a coveted Grade A office tower on Church Street in the CBD, has recently been sold for a staggering $14.8 million. Knight Frank Singapore, who brokered the deal, has confirmed that the unit spans a generous 3,595 sq ft, which works out to be approximately $4,117 per sq ft.
According to an article published by EdgeProp Singapore in July, a 3,595 sq ft unit at Samsung Hub was on the market with a guide price of $4,350 psf, or about $15.6 million. This recent transaction indicates that the final selling price was slightly lower than the initial guide price.
Samsung Hub is a highly regarded 999-year leasehold commercial development comprising 30 storeys. Its strategic location within the bustling CBD puts it in close proximity to major financial institutions and corporate headquarters. Furthermore, the building is conveniently located near both 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 last recorded transaction at Samsung Hub was for a 2,906 sq ft unit on the 10th floor, which changed hands for $11.4 million ($3,921 psf) on Nov 17, 2023. Another neighbouring unit with a slightly larger area of 3,186 sq ft was also sold on the same day, fetching a similar price of $3,921 psf, amounting to $12.49 million.
Mary Sai, executive director of Capital Markets (Land and Building, International Real Estate) at Knight Frank Singapore, commented, “With this transaction, we can see that prices are nearing the levels seen in January 2022, where a 3,875 sq ft unit was sold at $4,155 psf.” She further added that freehold offices that are well-located continue to attract a healthy level of interest from private wealth groups, investors and small businesses, while the market is faced with a lack of such spaces to meet the demand of prospective buyers.
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In 1H2024, a total of 49 freehold and 999-year strata offices were sold, recording a slight increase of seven transactions from the 42 recorded in 2H2023. The sale of an entire strata office floor at Tong Building on Orchard Road earlier this month for a record-breaking $31.33 million, which amounts to $4,562 psf, has also created a buzz in the market. This impressive transaction of a 6,867 sq ft space was purchased by Parkway Hospitals Singapore, which has set a new benchmark for strata office prices in the prime location of Orchard Road.
