Prudential Tower sell Grade-A office with a price of $36 mil

A Feb. 22, 2019 press release revealed that an upper-floor Grade A strata-office within Prudential Tower’s CBD CBD has been listed for $36M via an expression-of-interest (EOI) exercise.

A strata area of 11 819 sq ft is taken up by the entire floor plate. This works out to about $3,050 on a per-square-foot basis.

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Companies and foreigners can purchase this property as it is zoned to commercial use. No additional buyer’s stamp tax or seller’s stamp tax will be payable.

At the moment, this office is fully leased out by a multi-national real estate consultancy. According to the spokesperson, investors can expect a steady and immediate rent.

Due to URA’s recent policy of restricting strata division of existing and newly constructed commercial buildings within key areas in the CBD, the supply of new strata-titled commercial properties is expected to remain low in the near future.

It has 181 parking spots from the 2nd floor to the 8th.

Telok Ayer MRT Station can be reached by walking from the development. It has direct and covered access to Raffles Place MRT Interchange Station.

Strata offices in Grade-A development such as Prudential Tower are of interest to many buyers. These include owner-occupiers (including high-net-worth people), corporate investors, and family offices.

According to the agency, a new owner could subdivide a floor into smaller apartments for rent at the expiration date of the current tenant’s lease or smaller strata units that can be sold later, provided the MCST approves.

Prudential Tower has a 30-storey office building with strata title on Cecil Street, in the CBD. The development occupies a corner site and boasts a dual-roadfrontage of 87m on Church Street and Cecil Street.

The EOI will end on Sunday, March 28, 3pm.