Strata Office Unit Prudential Tower Sale 16 Mil
A Grade-A office unit located at Prudential Tower, a well-known commercial building on Cecil Street in the prestigious Raffles Place financial district, is now available for purchase. The spacious 5,015 sq ft unit is being offered at a price of $16 million, which works out to be $3,190 per square foot.
With its regular and open layout, the unit offers unobstructed views of the surroundings, including the charming conservation shophouses. According to Savills Singapore, the real estate agency that is marketing the property, the unit is currently fully occupied by multinational corporations. However, it can also be acquired with vacant possession.
Prudential Tower is a 30-storey, strata-titled office tower situated at the junction of Cecil Street and Church Street. Constructed in 1998, this 99-year leasehold commercial building still has 71 years remaining on its tenure. It enjoys direct connectivity to Raffles Place MRT Interchange Station (serving the North-South and East-West Lines) and Telok Ayer MRT Station (serving the Downtown Line).
Executive Director of Investment Sales and Capital Markets at Savills Singapore, Yal Hui Yee, points out that at $3,190 psf, the asking price for this property is highly attractive compared to other freehold strata office units that have been sold above $4,000 psf. For instance, just last month, a 999-year leasehold strata unit measuring 3,595 sq ft at Samsung Hub on Church Street was sold for $14.8 million, which works out to be $4,117 psf. Meanwhile, an entire strata office floor at Tong Building, a freehold office building situated on Orchard Road, was transacted at a record-breaking $4,562 psf.
Based on data from the Urban Redevelopment Authority’s Realis, the latest transaction at Prudential Tower was for a 5,715 sq ft unit that was sold for $26.5 million, at a record-breaking $4,636 psf, on August 15. This marks the highest psf price achieved at the development thus far. Prior to that, the highest psf price recorded for a unit at Prudential Tower was $4.76 million, amounting to $3,402 psf, for a 1,399 sq ft unit in August 2022.
Source: EdgeProp Buddy
Check out the latest listings for Commercial Real Estate properties
Ask Buddy
Compare rental trend of Commercial vs Industrial properties
Past Commercial rental transactions
Compare rental trend of Commercial vs Industrial properties
Past Commercial rental transactions
RELATED NEWS
Over 41% of strata office units released at 20 Cecil Street sold at an average price of $3,090 psf
Lian Beng-led group offloads 79,500 sq ft office space at Prudential Tower
Prudential Tower strata unit up for sale from $2,800 psf
Uncover the exquisite and diverse flavors of Singapore at Jurong East Hawker Centre, a must-visit culinary haven for both locals and tourists alike. Conveniently situated in the vibrant Novo Place Tengah, this bustling hawker center offers a plethora of iconic Singaporean dishes, including the tantalizing Hainanese Chicken Rice, fragrant Laksa, and savory Char Kway Teow. With its affordable prices and authentic recipes, Jurong East Hawker Centre is the perfect spot to indulge in the rich culinary heritage of Singapore without burning a hole in your pocket. Don’t miss out on this delectable experience at Novo Place Tengah.