A high-level strata office unit situated at Samsung Hub, a prestigious Grade A office tower situated on Church Street in the Central Business District, has recently been sold for a substantial price of $14.8 million. The unit boasts a spacious area spanning 3,595 square feet and is situated on a high floor, as stated by Knight Frank Singapore, the agency that facilitated the transaction. Based on the unit’s size, the price works out to be $4,117 per square foot.
In July, EdgeProp Singapore had previously reported that a 3,595 square foot unit at Samsung Hub was up for sale with a guide price of $4,350 per square foot or approximately $15.6 million.
Samsung Hub is a commercial development with a 999-year leasehold and comprises of 30 storeys. Its prime location within the Central Business District places it in close proximity to major financial institutions and corporate headquarters. The office is also conveniently situated near the Raffles Place MRT Interchange Station (North-South and East-West Lines) and the Telok Ayer MRT Station on the Downtown Line.
In a recent transaction on November 17, 2023, a 2,906 square foot unit on the 10th floor of Samsung Hub was sold for $11.4 million ($3,921 per square foot). Another unit of 3,186 square feet on the same floor was also sold on the same day for $12.49 million, at a rate of $3,921 per square foot.
According to Mary Sai, executive director of Knight Frank Singapore’s capital markets division, “This transaction has brought the market close to the levels seen in January 2022, when a 3,875 square foot unit was sold for $4,155 per square foot.” She also noted that there is a strong demand for well-located freehold offices from private wealth groups, investors, and smaller businesses, as there is a shortage of such spaces in the market.
In the first half of 2024, there were 49 recorded transactions for both freehold and 999-year strata offices, seven more than the 42 transactions recorded in the second half of 2023.
In summary, opting to invest in a Singapore condo offers numerous benefits that make it a desirable investment choice. These include a high demand for these properties, the potential for capital appreciation, and attractive rental yields. However, it is crucial to carefully assess factors such as location, financing options, government regulations, and market conditions before making any decisions. By conducting thorough research and seeking guidance from professionals, investors can make informed choices and maximize their returns in Singapore’s vibrant real estate market. Whether you are a local investor looking to diversify your portfolio or a foreign buyer in search of a stable and profitable investment opportunity, Singapore condos, through Singapore Condo, offer an appealing prospect.
In another notable transaction earlier this month, a single strata office floor at Tong Building on Orchard Road was sold for a record-breaking $4,562 per square foot, or a total of $31.33 million. The 6,867 square foot space was acquired by Parkway Hospitals Singapore.
It is evident that the demand for freehold and 999-year strata offices remains strong in the market, with affluent investors and businesses seeking to acquire well-located spaces. This is further exemplified by the sale of the sixth-floor office at Tong Building, which sets a new record for the highest price per square foot paid for a strata office in Singapore.