Singapore, 6 March 2024 – Savills Singapore, CBRE, and SRI Capital Market have been appointed by PGIM Real Estate as the joint exclusive marketing agents for the sale of its freehold strata offices in 108 Robinson Road.
The 12-storey freehold office building in the Central Business District (“CBD”) underwent an extensive revamp and obtained the Temporary Occupation Permit (“TOP”) in June 2023. The commercial building consists of a retail podium located on the 1st and 2nd storey while the office floors are located from 3rd to 12th storey.
PGIM Real Estate is set to launch just 3 office floors during the first phase of sale, with level 5, 6 and 8 being introduced. The collecting of interests (“Expression of Interest”) shall begin for the next 4 weeks and target for private placement of the offices on April 8.
Since the preview of the office floors started in February this year, appointments to view the show office unit on site have been strong. This could possibly be attributed to the rare freehold tenure, location and quality of office specifications, says PGIM Real Estate.
The guide price for the office floors in phase one sale is around $4,000 per sq ft over the strata area of approximately 4,747 sq ft for level 5 & 6 and 4,758 sq ft for level 8. The continuous floor of level 5 & 6 may allow potential buyers to buy for their own use, or part use and part investment strategies.
Yap Hui Yee (叶慧宜), Executive Director of Savills Investment Sales & Capital Markets, says, “Against the backdrop of tight strata office supply in the CBD, we believe that this offering in 108 Robinson Road presents an excellent opportunity for both owner-occupier and investor to purchase premium grade strata office floors. With its excellent specifications such as exclusive use of the lift lobby, restrooms with shower facility, regular layout, and VRV air-conditioning which allows for independent floor operation, we envisage that there will be strong demand from both local and overseas purchasers."
Low Choon Sin (刘俊星), Managing Partner of SRI Capital Market adds, “The rarity of freehold tenure in strata office market coupled with the BCA Greenmark Platinum Award will position 108 Robinson as an attractive asset class to own. 108 Robinson is arguably the only completed brand new freehold strata office with high specification in CBD for sale. The success sale of Solitaire on Cecil is the testament that buyers desire to own high quality offices, for own use and legacy reason. The launch of 108 Robinson is timely as the demand for strata office space is on a rising trend.”
Clemence Lee (利伟强), Executive Director of Capital Markets, CBRE says, “In Singapore, strata office buildings only make up approximately 15% of the total office stock. Coupled with the recent policy implementation by URA to restrict strata subdivision of existing and new commercial buildings in key areas within the CBD, the supply of new strata commercial properties will likely remain tight in the near future. Furthermore, with a coveted freehold tenure and palatable investment quantum of $16-$20m, we believe that the opportunity would be attractive to a wide range of both investors and owner occupiers.”
Both locals, foreigners and companies are eligible to purchase the subject property, which is zoned as “Commercial” use. There will be no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty imposed on the purchase.