SINGAPORE: A strata office unit at the Samsung Hub has been sold for $14.8 million, equivalent to $4,117 per square foot, according to a report by Knight Frank Singapore.
The transaction involved a 3,595-square-foot office unit in the 30-storey Grade A office tower at 3 Church Street in Singapore’s central business district.
This sale brings market levels close to those seen in early 2022. Mary Sai, executive director of capital markets at Knight Frank Singapore, said, “This transaction signals a return to near-January 2022 levels when a 3,875 square-foot unit sold for $4,155 per square foot.”
Samsung Hub, known for its 999-year leasehold tenure, is located in a prime area near Telok Ayer and Raffles Place MRT stations, enhancing its appeal among buyers. The property has consistently attracted interest due to its strategic location and long-term value.
The previous notable transaction in Samsung Hub was in November 2023, when a 2,906-square-foot unit on the 10th floor sold for $3,921 per square foot, reflecting steady demand for office space in the building.
The broader market for freehold and 999-year office units has seen a positive trend. In the first half of 2024, 49 such units were sold, marking a 16.7% increase from the 42 transactions in the second half of 2023.
This uptick in activity highlights the continued strength of the office space market in Singapore despite global economic uncertainties.