Resale freehold strata offices recovered from slump last year

Average prices surged 29.6% to $2,484 psf from half-year ago.

The strata office sector posted its largest price improvement of 29.6% for resale freehold units in the 1H of 2016, data from Knight Frank show.

Prices for the sub-sector declined in 2H 2015 to $1,915 psf from half-year ago due to a significant number of large-sized office unit caveats lodged (above 1,000 sq ft) which transacted at relatively low psf prices.

Average prices for freehold new sale, on the other hand, remain muted.

Knight Frank notes that Caveats of Centrium Square strata office transactions reveal an average price of $2,513 psf, dragging the average price lower for new sale freehold strata offices to $2,524 psf in H1 2016 compared to the preceding half-year where there was only one caveat recorded.

Freehold new sale prices also helped to pull up average island-wide strata office prices, which rose 1.7% to $2,437 psf in H1 2016.