A range led by Lian Beng Group which usually bought Keppel Reit’s area in Prudential Podium near Raffles Location MRT Station in 2014, appears to be nearing a good exit from the investment in the dwelling.
Epic Land Pte Ltd, by which Lian Beng owns the 32 % stake, just put up for sale the only real retail device in the 30-storey office building – a space of 5,715 square feet with street stage – available for sale through a sore.
The guide price is S$20.7 million, which fits out to S$3,639 per sq ft (psf).
Featuring prominent twin frontage on Cecil Street and Religious organization Street, these units are portable tenanted to Prudential Peace of mind, which uses it a service middle. The hire for this system and its offices ends in Goal next year. The actual British lifestyle insurer provides inked the lease with Marina Someone’s East Tower.
Prudential Tower’s sole list unit provides strong jogging footfall from its traffic-junction location and offers huge retail possible.
It enjoys a double-volume front door, which enhances it’s visibility and also grandeur. At the mercy of the relevant authorities’ acceptance, other makes use of include F&B, retail, showroom or banking corridor.
On The spring 6, the particular Lian Beng-led consortium announced that it acquired executed any non-binding letter of intent for you to dispose of eight strata office devices spanning Fifty five,711 sq ft within the building to a unrelated vacation. Market watchers inferred the deal might amount to almost S$145 million * assuming the actual psf price fetched is equivalent to the S$2,600 psf at which Legendary Land offered 17 strata workplace units accumulating to 79,459 sq ft within January in 2010 to a pay for managed by One Tree Partners.
Presuming the proposed transaction which was announced inside April materialises, your retail device put on the market on Tuesday will be the consortium’s last staying space with Prudential Tower.
Impressive Land received 230,703 sq ft within the building via Keppel Reit in Might 2014 pertaining to S$512 million or even S$2,219 psf on strata area. Located on amounts 1 as well as 10 for you to 29 (apart from part of Amount 16), the space is equivalent to 80.8 percent of Prudential Tower system.
Epic Territory began trying to sell the space after in the same year. Prior to the sale to 1 Tree Companions, the previous office units it resold with Prudential Tower went for above S$2,Seven-hundred psf.
Epic Land’s various other shareholders are KSH Holdings (Twenty-eight per cent), KOP Constrained (25 per cent) and also Centurion Global (Fifteen per cent).
At present, the site on which Prudential Tower appears has a stability lease tenure of about Seventy seven.5 years.
Willing interest coming from investors is predicted for the store space around the building’s first floor given its ultra-high visibility for you to both vehicle and jogging traffic.
This kind of opportunity during Raffles Place can be hardly obtainable. In every significant city, retail units with such prominent block frontage are extremely sought after by companies.