Samsung Hub's 14th floor up for sale at $43.3m

20130226-st-samsung-hub-for-sale THE 14th floor of the Samsung Hub building in ChurchStreet is up for sale at $43.3 million.

The 13,110 sq ft floor space is divided into four individual strata titles, with areas ranging from 2,906 sq ft to 3,875sq ft.

The four strata titles will be sold to a single buyer because one tenant occupies the whole floor of the building in the Central Business District, said CBRE.

An American law firm has been renting the floor for more than three years. Its lease will expire at the end of next year.

Based on the asking price of about $3,300 per sq ft (psf), CBRE has estimated the annual gross yield to be 3 per cent.

The 16th floor was sold to a local fund for $39.4 million or $3,000 psf in September last year, setting a record price for the building.

The caveat was lodged in December.

"The market has gone up between September 2012 and February 2013," CBRE said.

The asking price of $3,300 psf for the 14th floor would set a new high for the building if it is realised.

Mr Jeremy Lake, CBRE's executive director of investment properties, said yesterday that the four separate strata titles would allow the buyers flexibility should they eventually decide to sell.

The building is owned by Church Street Holdings and was completed in 2005.

It has a total strata area of 299,753 sq ft across its 30 storeys as well as 177 carparkspaces.

The tender closes on March 28.

Source: Straits Times, 26 Feb 2013