Samsung Hub office space up for sale

An entire floor of prime office units at Samsung Hub in Raffles Place is up for sale for about $43.4 million via an expression of interest exercise.

The indicative price works out to about $3,310 psf for the 13,132 sq ft space on the 20th floor of the building, marketing agent JLL said yesterday.

The floor - comprising six strata office units - is being offered for sale on a vacant possession basis.

Samsung Hub is a 999-year leasehold property which was completed in 2005.

JLL expects to garner strong interest from tenants and investors for the Grade A office space.

"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," said Mr Clemence Lee, senior manager of capital markets at JLL.

The 30-storey building is home to some blue-chip tenants, including tech giant Samsung, international service office operator Regus and law firm Holman Fenwick & Willan.

JLL noted that strata office floors within Samsung Hub are tightly held by a few owners and are seldom made available for sale.

The last office floor that was transacted was in March 2015, where 13,111 sq ft office space on level eight was sold for $42.6 million or about $3,250 psf.

There were three other deals done in 2014: 12,841 sq ft on level 21 was transacted at about $42.1 million ($3,280 psf); 13,121 sq ft on level 19 for about $41.7 million ($3,175 psf); and 13,132 sq ft on level 18 for about $42.4 million ($3,225 psf).

JLL said Raffles Place remains a bustling business hub with office buildings recording the strongest occupancy rates among other submarkets in the central business district, such as Marina Bay, Shenton Way/ Robinson Road/Cecil Street and Tanjong Pagar.

It noted that CapitaGreen, which was completed in 2014, has since achieved close to full occupancy, "evidence of the strong demand for office space in the area".

The expression of interest exercise closes on March 15.

Wong Siew Ying

A version of this article appeared in the print edition of The Straits Times on February 07, 2017, with the headline 'Samsung Hub office space up for sale'. Print Edition | Subscribe