Two office floors at Samsung Hub up for sale with S$104.88m indicative price

Two office floors at Samsung Hub up for sale with S$104.88m indicative price

Property developer Sun Ventures has appointed CBRE as the exclusive marketing agent for the sale of two consecutive strata office floors – levels nine and 10 – at Samsung Hub by way of an expression of interest (EOI) exercise.

The indicative price is S$104.88 million, which translates to about S$4,000 per square foot based on a total strata area of about 26,220 square feet (sq ft) or 13,110 sq ft for each floor.

The two office floors can be purchased collectively or individually, CBRE said in a press statement on Monday.

Located at 3 Church Street, Samsung Hub is a 30-storey prime Grade A office tower in the central business district with a 999-year leasehold tenure. It has a double-volume entrance lobby, a spacious drop-off porch and a car-park provision of 177 lots, CBRE said.

The building has attracted a number of multinational corporations and financial tenants through the years. Both of the office floors that are up for sale are currently tenanted.

Both the ninth and tenth floors have a regular column-free layout, a floor-to-ceiling height of 2.7 metres, raised flooring and integrated ceiling boards.

Samsung Hub is a two to three-minute walk from the Raffles Place and Telok Ayer MRT stations. Nearby landmarks include CapitaGreen, Capital Square Prudential Tower and Republic Plaza.

Michael Tay, CBRE’s head of capital markets, Singapore, noted that Samsung Hub’s office floors are seldom traded, with ownership usually tightly held, because the owners have been able to enjoy capital growth over the years. For instance, capital appreciation has been about 10-15 per cent over the last two years.

Most of the office floors within the building are held by different owners, Mr Tay said, adding that this is a “rare” chance to acquire two consecutive floors within 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,” he said.

Sun Venture earlier sold the 11th floor of the building in the first quarter of this year for some S$49.8 million or S$3,800 per square foot on strata area. The developer had continued to receive “strong interest” on its two other office floors, which resulted in the latest EOI exercise, Mr Tay said.

In the vicinity, freehold office building Robinson Point is set to be sold for S$500 million, or about S$3,720 per square foot based on net lettable area, property developer Tuan Sing Holdings said earlier this month.

CBRE’s Mr Tay said that these recent transactions indicate investors’ continued confidence in the Singapore office market.

The EOI exercise for the two strata office floors at Samsung Hub will close on Sept 29, 3pm.

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