A consortium led by simply Lian Beng Group which bought Keppel Reit’s room in Prudential Podium near Raffles Spot MRT Station throughout 2014, looks like it’s nearing an exit from its investment in the dwelling.
Epic Property Pte Ltd, where Lian Beng owns a 32 per cent stake, just put up for sale the only retail unit in the 30-storey business building – an area of Five,715 square feet with street degree – for sale through a sore.
The guidebook price is S$20.8-10 million, which works out to S$3,639 every sq ft (psf).
Offering prominent two frontage on Cecil Avenue and Cathedral Street, being used tenanted to Prudential Assurance, which uses it a service centre. The hire for this device and its offices ends in Drive next year. The particular British lifestyle insurer provides inked the lease with Marina A person’s East Podium.
Prudential Tower’s sole store unit provides strong pedestrian footfall from its traffic-junction place and offers great retail prospective.
It looks forward to a double-volume access, which enhances it’s visibility along with grandeur. At the mercy of the relevant authorities’ approval, other employs include F&B, list, showroom as well as banking hallway.
On 04 6, the actual Lian Beng-led consortium declared that it got executed a new non-binding letter regarding intent to dispose of ten strata office products spanning Fifty-five,711 sq ft within the building to a unrelated third party. Market viewers inferred that this deal would amount to almost S$145 million * assuming your psf price fetched is equivalent to the S$2,Six hundred psf at which Legendary Land sold 17 strata office units accumulating to Seventy nine,459 sq ft in January this season to a fund managed through One Woods Partners.
Presuming the recommended transaction that was announced within April materialises, the retail system put on the marketplace on Tuesday would be the consortium’s last outstanding space from Prudential Tower.
Legendary Land received 230,703 sq ft inside the building from Keppel Reit in May 2014 regarding S$512 million or perhaps S$2,219 psf on strata place. Located on amounts 1 along with 10 to 29 (besides part of Degree 16), the space is equivalent to 95.8 per cent of Prudential Tower system.
Epic Land began selling the space later on in the very same year. Before the sale to at least one Tree Spouses, the previous office units who’s resold in Prudential Tower went for above S$2,Seven-hundred psf.
Epic Land’s other shareholders are generally KSH Holdings (31 per cent), KOP Minimal (25 per cent) along with Centurion Global (16 per cent).
At the moment, the site where Prudential Tower is an acronym has a harmony lease payoff time of about Seventy seven.5 years.
Eager interest via investors is anticipated for the retail store space about the building’s first floor given their ultra-high visibility in order to both vehicular and walking traffic.
Such an opportunity down the middle of Raffles Place will be hardly obtainable. In every key city, retail units basic prominent block frontage are extremely desired by organizations.