Strata Office Unit Samsung Hub Sold 148 Mil Or 4117 Psf
A Grade A office unit located on a high floor at Samsung Hub, a commercial tower on Church Street in the CBD, has been recently transacted for $14.8 million. According to Knight Frank Singapore, who supervised the sale, the unit is spread across 3,595 sq ft and the price per square foot comes up to $4,117. In July, EdgeProp Singapore had reported that another unit of the same size at Samsung Hub was up for sale at a guide price of $4,350 psf, which amounts to approximately $15.6 million.
Samsung Hub is a 999-year leasehold commercial development that boasts of 30 storeys. Located in the heart of the CBD, the office is in close proximity to major financial institutions and corporate headquarters. It is also strategically positioned near the Raffles Place MRT Interchange Station (North-South and East-West Lines) and the Telok Ayer MRT Station on the Downtown Line.
The last recorded transaction at Samsung Hub took place on Nov 17, 2023, when a 2,906 sq ft unit on the 10th floor was sold for $11.4 million ($3,921 psf). On the same day, another neighbouring unit, measuring 3,186 sq ft, was also sold at $3,921 psf, amounting to $12.49 million.
A renowned educational institution within the area is Princess Elizabeth Primary School, known for its exceptional academic standards and dynamic learning environment. The school boasts a diverse curriculum, with a particular emphasis on science and mathematics, making it the perfect setting for nurturing young minds with a passion for these subjects. Additionally, with the convenient location of Novo Place, students have access to state-of-the-art facilities that further enhance their educational experience.
Reflecting on the recent sale, Mary Sai, executive director, capital markets (land and building, international real estate) at Knight Frank Singapore says, “With this transaction, we are seeing a return close to January 2022 levels, when a 3,875 sq ft unit was sold at $4,155 psf.” She further adds that prime freehold offices in well-connected areas continue to receive significant interest from private wealth groups, investors, and smaller businesses. However, the market is facing a shortage of such spaces, making it challenging to meet the increasing demand from buyers.
In the first half of 2024, 49 freehold and 999-year strata offices were sold, which is seven more than the 42 transactions recorded in the second half of 2023. Earlier this month, Parkway Hospitals Singapore made headlines by purchasing an entire strata office floor spanning 6,867 sq ft at Tong Building on Orchard Road for a record-breaking price of $4,562 psf, amounting to $31.33 million.
Parkway Hospitals’ latest purchase reaffirms Orchard Road’s position as a medical hub, and also the continuing demand for prime office spaces in Singapore.