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News Release

Singapore

Prime 999-year leasehold Grade A office floor at Raffles Place up for sale

Indicative price in the region of $43.38 million


SINGAPORE, 6 February 2017 - JLL, as the exclusive marketing agent, is inviting offers through an Expression of Interest (EOI) exercise for the purchase of a high-floor strata office floor located at Samsung Hub, a 999-year leasehold Grade A office development located within the heart of Singapore's Central Business District.

Completed in 2005, Samsung Hub is a 30-storey Grade A skyscraper that is fully clad with double glazed turquoise-tinted glass. The development comes with excellent specifications such as a double volume entrance lobby, excellent security features, spacious car drop-off point and generous car parking facilities. Occupying a prestigious address, the development commands an unrivalled view of the city, fronting the Singapore River. Strategically located between Raffles Place Interchange and Telok Ayer Mass Rapid Transit ("MRT") Station, the development is easily accessible via the East-West and the Downtown Line. The walk to Raffles Place MRT station is fully-sheltered. The skyscraper is easily accessible via major expressways and thoroughfares such as the Marina Coastal Expressway (MCE) and East Coast Park Expressway (ECP).

Home to multiple blue chip tenants, Samsung Hub's typical floor plate is highly efficient and regular with an abundance of column free space ideal for corporate occupiers. Some of the notable tenants includes tech giant - Samsung, international service office operator - Regus and international law firm - Holman Fenwick & William. Spanning 13,132 sf, the offering comprises of 6 strata office units located on the 20th floor. The strata office floor is currently fully fitted with integrated ceiling boards, raised floorings, reception area, partition rooms, meeting rooms, workstations and a wet pantry. The entire office floor is offered for sale on a vacant possession basis, making it attractive to owner occupiers who are looking to purchase an entire office floor for own-use.

As Singapore's key financial district, Raffles Place remains a bustling business hub with office buildings recording the strongest occupancy rates amongst other CBD submarkets, such as Marina Bay, Shenton Way/ Robinson Road/Cecil Street and Tanjong Pagar. Key new developments in the area include CapitaGreen, which was completed in 2014, and GSH Plaza, with estimated completion this year. CapitaGreen has since achieved close to full occupancy, evident of the strong demand for office space in the area.

Mr Clemence Lee, Senior Manager, Capital Markets, JLL, said: "Prime freehold and 999-year leasehold office located in central areas are highly sought after due to their inherent investment value and wealth preservation purposes. Samsung Hub is the only 999-year leasehold Grade A strata office development available for sale in Raffles Place. This is an extremely rare opportunity for both investors and owner occupiers to acquire a prime 999-year leasehold asset located in Singapore's key financial district and we expect strong interest."

Strata office floors within Samsung Hub are tightly held by a few owners and are seldom made available for sale. The last office floor transacted in the development was in 2015. Some of the notable whole floor transactions at Samsung Hub are tabled below:

AddressArea (sf)Transacted Price ($)Unit Price ($ psf)Contract Date
Samsung Hub  - Level 813,111$42,609,287$3,25027-Mar-15
Samsung Hub  - Level 2112,841$42,118,480$3,28017-Oct-14
Samsung Hub  - Level 1913,121$41,659,175$3,1751-Oct-14
Samsung Hub  - Level 1813,132$42,350,700$3,2253-Sep-14

The indicative guide price for level 20 of the Samsung Hub is in the region of $43.38 million, which translates to cca. $3,310 psf on the total strata area.

As the property sits on land zoned for commercial use, foreigners are eligible to purchase the property. Th​​ere is also no Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD) imposed on the purchase of the property. 

The sale will be conducted through an Expression of Interest (EOI) exercise which closes on Wednesday, 15 March 2017 at 3pm.

 

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Note to editors:​

1.       A high resolution image of Samsung Hub is available upon request.​