A consortium led simply by Lian Beng Group that bought Keppel Reit’s space in Prudential Tower near Raffles Location MRT Station throughout 2014, appears to be nearing the exit looking at the investment in the structure.
Epic Territory Pte Ltd, where Lian Beng owns the 32 % stake, just put up for sale the only real retail system in the 30-storey workplace – space of Your five,715 square feet at street stage – for sale through a soft.
The guide price is S$20.8-10 million, which works out to S$3,639 per sq ft (psf).
Presenting prominent twin frontage on Cecil Block and Religious organization Street, being used tenanted to Prudential Peace of mind, which uses it a service center. The book for this unit and its office spaces ends in Goal next year. Your British existence insurer has inked a new lease in Marina Your East Structure.
Prudential Tower’s sole retail store unit has strong people footfall from its traffic-junction spot and offers huge retail probable.
It loves a double-volume entrance, which enhances its visibility as well as grandeur. At the mercy of the relevant authorities’ endorsement, other employs include F&B, list, showroom or banking hall.
On April 6, your Lian Beng-led consortium announced that it got executed any non-binding letter involving intent for you to dispose of ten strata office products spanning 55,711 sq ft in the building to an unrelated alternative party. Market viewers inferred that the deal would certainly amount to almost S$145 million – assuming the actual psf price fetched is the same as the S$2,600 psf at which Unbelievable Land sold 17 strata office units adding up to Seventy nine,459 sq ft inside January this year to a account managed by One Shrub Partners.
Assuming the offered transaction which was announced throughout April materialises, the retail system put on industry on Tuesday is the consortium’s last remaining space at Prudential Tower.
Epic Land purchased 230,703 sq ft inside the building coming from Keppel Reit in Might 2014 with regard to S$512 million or even S$2,219 psf on strata area. Located on quantities 1 as well as 10 to be able to 29 (except part of Level 16), space is equivalent to Ninety two.8 % of Prudential Podium.
Epic Territory began second-hand the space later in the very same year. Prior to the sale to a single Tree Lovers, the previous place of work units which it resold from Prudential Tower selected above S$2,700 psf.
Epic Land’s some other shareholders are usually KSH Holdings (Twenty-eight per cent), KOP Restricted (25 per cent) along with Centurion Global (16 per cent).
At present, the site where Prudential Tower appears has a harmony lease period of about 77.5 years.
Willing interest coming from investors is predicted for the retail store space on the building’s first floor given it’s ultra-high visibility to be able to both vehicle and jogging traffic.
This opportunity during Raffles Place can be hardly available. In every major city, retail units basic prominent block frontage are extremely preferred by businesses.