PGIM Real Estate (PGIM RE) has started selling strata office space out of 108 Robinson Road, which the asset manager acquired in 2021.

Three floors of the downtown office building are up for sale at S$18.2 million per floor, or a total of S$54.6 million.

Each of the three office floors is estimated to be 4,800 square feet (sq ft) in size. At S$18.2 million per floor, the guide price translates to S$3,850 per square foot for the freehold space.  

The units are located on levels 6 and 8, and another floor which is currently tenanted. Both the sixth and eighth-floor units are currently vacant.

The bundle of three floors is the first phase of sales conducted by PGIM RE, via an expression-of-interest exercise jointly marketed by SRI Capital Market, CBRE and Savills.

PGIM RE acquired the 12-storey freehold property, formerly known as Finexis Building, in April 2021 for US$107 million as part of its expansion plans into Asia.

A NEWSLETTER FOR YOU

Tuesday, 12 pm

Property Insights

Get an exclusive analysis of real estate and property news in Singapore and beyond.

Sign Up

PGIM RE is the real estate investment and financing business of PGIM, the global investment management business of US-based Prudential Financial.

It said when it acquired 108 Robinson Road that it deemed the property a rare freehold office asset, and its acquisition an “opportunistic (one) that offers numerous asset enhancement exit strategies”.

The office building underwent an extensive renovation that was completed in June 2023, and The Business Times reported in January this year that the company plans to embark on strata sales this quarter. The building has been subdivided into 11 strata units. 

“In Singapore, strata office buildings make up only approximately 15 per cent of the total office stock,” said Clemence Lee, executive director of capital markets at CBRE.

“Coupled with the recent policy implementation by URA to restrict strata subdivision of existing and new commercial buildings in key areas within the CBD, the supply of new strata commercial properties will likely remain tight in the near future,” he added.

Also on the market is another strata-titled asset, on the top floor at GB Building. 

The penthouse space, marketed by JLL, occupies 5,500 sq ft of strata area and has an indicative price of S$12.2 million, which works out to S$2,218 psf.

Located at 143 Cecil Street, the 26-storey building features a retail podium, an office tower with a three-level basement car park with 105 parking lots.

The unit for sale is currently leased to a commercial school and will be sold with the existing tenancy, JLL said.

“With the likes of IOI Central Boulevard Tower, Solitaire on Cecil, TMW Maxwell, The Skywaters, and Newport Plaza coming online, this would transform the locality into a vibrant live-work-play lifestyle district,” it added.

The expression-of-interest exercise for the top floor at GB Building will close on Apr 9.