Samsung Hub level 20 sold for S$3,550 psf

AN office floor at Samsung Hub along Church Street has been sold for S$46.62 million or S$3,550 per square foot based on its strata area of 13,132 sq ft.

On psf basis, this is the highest in the 999-year leasehold building, which is in the Raffles Place financial district.

A company whose shareholders include an Indonesian was granted an option recently to buy the entire 20th floor of the 30-storey building.

The floor is being sold by Lei Shing Hong Properties (Singapore), part of the Hong Kong-based Lei Shing Hong (LSH) group, which is involved in businesses ranging from retailing premium cars to property development and investment.

The LSH unit had paid S$43.07 million or S$3,280 psf for the floor in February last year.

BT understands that the group had planned to occupy the space and even did some renovations, but later changed its mind. The floor is currently vacant.

The S$3,550 psf for the 20th floor busts the previous high of S$3,500 psf in the building, set on two occasions. The first was back in 2013 during the heyday of the strata commercial property market before the introduction of the Total Debt Servicing Ratio framework; in that deal, a small unit of 883 sq ft on the 17th floor was transacted for S$3.09 million.

That same unit was resold at the identical price last December, along with an adjoining, larger unit of 2,562 sq ft that went for S$3,300 psf or S$8.45 million. The larger unit was previously transacted in 2013 for S$3,200 psf or nearly S$8.2 million.

In the December deals, both units are understood to have been bought by an insurance agency which plans to occupy the space.

The two units were sold by a couple of local companies that used to occupy the units but which handed over the units on vacant possession to the buyer recently.

CBRE director of capital markets Sammi Lim brokered the sales of both units.

She is also handling the ongoing sale of the 20th floor but declined to comment as it is still at an early stage.

BT understands the party that was recently granted an option for the floor's purchase is a Singapore-incorporated company the ultimate shareholders of which are Ryan Kristoffer Silfanus, an Indonesian citizen, and Singaporeans Tan Lu Dong and Ng Soo Tiong

Samsung Hub, which received Temporary Occupation Permit in November 2005, is one of the very few 999-year leasehold/freehold buildings in Singapore's Central Business District offering strata office play to investors.

Source: Business Times, 26 Apr 2018