A CONSORTIUM led by Lian Beng Group is selling 17 strata office units at Prudential Tower for S$206.59 million. This works out to S$2,600 per square foot based on the strata area of 79,459 sq ft. Prudential Tower is on a site with a balance lease term of 78 years.
The buyer is understood to be a separate account managed by One Tree Partners, a relatively new private equity fund management outfit set up by Tan Shern Liang and Roy Tan.
Lian Beng owns 32 per cent of Epic Land Pte Ltd, the consortium that is selling the asset. The other consortium members are KSH Holdings (28 per cent), KOP Limited (25 per cent) and Centurion Global (15 per cent).
The space being sold by Epic Land is part of the 230,703 sq ft that it bought from Keppel Reit in 2014 for S$512 million or S$2,219 psf on strata area.
The 230,703 sq ft space is on Level 1 and Levels 10-29 (except part of Level 16); it is equivalent to 92.8 per cent of the 30-storey office building.
Epic Land has been selling some space in the past few years. After the latest sale of the 17 strata units, Epic Land is said to be still left with about 60,000 sq ft of space at Prudential Tower.
When contacted, Galven Tan, director of investment properties at CBRE, confirmed brokering the transaction by private treaty but declined to comment further.
Source: Business Times, 21 Jan 2017