Prime office floor at Raffles Place up for grabs

Guide price sits at $43.38m.

Real Estate firm JLL announced that a prime 999-year leasehold Grade A office floor at Raffles Place is up for sale. The high-floor strata office floor is located at Samsung Hub, which was completed in 2005 and is a 30-storey Grade A skyscraper that is fully clad with double glazed turquoise-tinted glass.

JLL noted that 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)," JLL noted.

Senior manager of JLL capital markets Clemence Lee said 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.

“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," Lee said.

The indicative guide price for level 20 of the Samsung Hub is in the region of $43.38m, which translates to around $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. There 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, March 15 at 3pm.