Two Prime 999-year Grade A Strata Office Floors at Samsung Hub for Sale

Two Prime 999-year Grade A Strata Office Floors at Samsung Hub for Sale
At an indicative price of S$104.88 million or S$4,000 per square foot on strata area

Singapore, 17 August 2020 – CBRE is pleased to announce that it has been appointed by Sun Venture as the exclusive marketing agent for the sale of two consecutive 999-year leasehold office floors – Level 9 and 10 – at Samsung Hub located at 3 Church Street. The sale will be by way of an Expression of Interest (EOI) exercise.

A prime Grade A office tower located in the heart of Singapore’s Central Business District (CBD), Samsung Hub is a 30-storey building that holds a 999-year leasehold tenure. The office development features a grand double-volume entrance lobby and a spacious drop-off porch, and benefits from a high car parking provision of 177 lots. Being the rare few strata office buildings in the CBD which comprises such excellent building attributes, Samsung Hub has attracted a number of multinational corporations and financial tenants through the years.

The 9th and 10th floors have a strata area of approximately 13,110 square feet each. Each strata office floor comes with excellent specifications such as regular, column-free layout, high floor-to-ceiling height of 2.7 meters, raised floorings and integrated ceiling boards. Both levels are currently tenanted.

Michael Tay, (郑兆能), Head of Capital Markets, Singapore at CBRE says, “Ownership within Samsung Hub are tightly held, as the various owners have been able to continuously enjoy capital growth over the years; for instance, capital appreciation has been about 10%-15% over the last two years. As such, the 999-year office floors at Samsung Hub are seldom traded. Most of the office floors within the building are held by different owners and this is one of the rare chances to acquire two consecutive floors within such a sought-after building. We expect keen interest from a wide range of owner occupiers and investors such as boutique real estate funds, family offices, local companies and high net worth individuals.”

Mr Tay shares, “Following the successful sale of the entire 11th floor at Samsung Hub in Q1 this year, Sun Venture continues to receive strong interest on their two other offices floors at Samsung Hub, resulting in this EOI exercise.”

Indicative price for the two office floors is S$104.88 million, which translates to about S$4,000 per square foot on strata area. The office floors can be purchased collectively or individually.

Mr Tay adds, “Despite the current Covid-19 situation, the office sector has still proven its resilience due to a tight office supply which will lend support to rental growth over the mid- to long-term. Investors’ unwavering confidence in the Singapore office market is evidenced by the recent sale of Robinson Point at S$500 million (S$3,720 per square foot on net lettable area) and the sale of the 11th floor of Samsung Hub at S$49.8 million (S$3,800 per square foot on strata area).”

Samsung Hub is a short walk to both Raffles Place and Telok Ayer MRT stations. The office tower is easily accessible via major expressways and thoroughfares such as the Marina Coastal Expressway (MCE) and East Coast Park Expressway (ECP). Nearby landmarks include CapitaGreen, Capital Square Prudential Tower and Republic Plaza.

Interested buyers are invited to submit their offers via the EOI exercise which will close on 29 September 2020 at 3 pm.

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