Six prime office units at Samsung Hub up for sale

Business Times - February 19, 2013

Six prime office units at Samsung Hub up for sale

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Samsung Hub: Completed in 2005, the building has a total strata area of 299,753 sq ft in a 30-storey office block, with a six-storey podium for 178 carpark lots

 

SIX strata office units have been put up for sale on the 17th floor of Samsung Hub, a 999-yearleasehold, Grade A office block on Church Street, near Raffles Place. The units have strata areas ranging from 883 sq ft to 3,595 sq ft, adding up to 13,132 sq ft. Their absolute price quantums range from $3 million to $12 million. Their owner, Church Street Holdings, has put the units up for sale.

“We’ve had agents calling us, giving offers of $3,300-3,500 psf, so we decided to appoint Jones Lang LaSalle to conduct the tender in a fair and transparent manner. If we get offers around those price levels for all or most of the six units, we will consider selling. Otherwise, we’re happy to hold on to our investment,” said Kishore Buxani, managing director of Buxani Group, one of the shareholders of Church Street Holdings.

The highest price achieved for an entire floor in Samsung Hub is $3,000 per square foot for level 16, which spans 13,132 sq ft. It changed hands for $39.396 million last December. The tender for the six units, which is being handled by Jones Lang LaSalle (JLL), will close on March 15.

Said Ashish Manchharam, regional director of investments at JLL: “This opportunity provides owner occupiers with a long-term office accommodation solution within a Grade A office building and a prime Raffles Place address. Investors have the ability to capture a potential recovery in the office rental market, which is poised for growth on the back of limited new supply in 2013 and 2014.”

Samsung Hub, which was completed in 2005, has a total strata area of 299,753 sq ft in a 30storey office block, with a six-storey podium for 178 carpark lots

http://news.asiaone.com/News/AsiaOne+News/Business/Story/A1Story20130219-403038.html

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