A range led by Lian Beng Group which in turn bought Keppel Reit’s area in Prudential Podium near Raffles Spot MRT Station inside 2014, seems to be nearing a great exit by reviewing the investment in the structure.
Epic Territory Pte Ltd, through which Lian Beng owns the 32 per-cent stake, just put up for sale the only retail system in the 30-storey office building – an area of A few,715 square feet at street degree – on the market through a sore.
The information price is S$20.8-10 million, which fits out to S$3,639 per sq ft (psf).
Featuring prominent twin frontage on Cecil Avenue and Cathedral Street, these units are portable tenanted to Prudential Peace of mind, which uses it a service middle. The rent for this unit and its offices ends in 03 next year. Your British living insurer features inked the lease from Marina A person’s East Structure.
Prudential Tower’s sole store unit features strong walking footfall from its traffic-junction area and offers tremendous retail prospective.
It looks forward to a double-volume entry, which enhances their visibility and also grandeur. At the mercy of the relevant authorities’ endorsement, other employs include F&B, retail, showroom or banking corridor.
On Apr 6, your Lian Beng-led consortium announced that it had executed any non-binding letter of intent to be able to dispose of nine strata office devices spanning Fifty-five,711 sq ft in the building with an unrelated 3rd party. Market watchers inferred that this deal might amount to practically S$145 million — assuming the psf price fetched is equivalent to the S$2,Six-hundred psf at which Unbelievable Land offered 17 strata place of work units adding up to Seventy nine,459 sq ft inside January this year to a finance managed through One Shrub Partners.
Presuming the offered transaction which was announced within April materialises, the particular retail device put on the marketplace on Tuesday is the consortium’s last remaining space at Prudential Tower.
Legendary Land acquired 230,703 sq ft inside the building coming from Keppel Reit in May well 2014 for S$512 million or perhaps S$2,219 psf on strata location. Located on amounts 1 as well as 10 to be able to 29 (apart from part of Amount 16), space is equivalent to 95.8 percent of Prudential Tower.
Epic Territory began reselling the space afterwards in the exact same year. Before the sale to One Tree Partners, the previous business office units that it resold in Prudential Tower selected above S$2,Seven hundred psf.
Epic Land’s various other shareholders are KSH Holdings (Twenty eight per cent), KOP Limited (25 per cent) and Centurion Global (15 per cent).
Presently, the site on what Prudential Tower appears has a balance lease period of about 77.5 years.
Enthusiastic interest through investors is required for the retail space about the building’s bottom floor given the ultra-high visibility in order to both vehicular and pedestrian traffic.
This kind of opportunity down the middle of Raffles Place will be hardly offered. In every major city, retail store units by using these prominent block frontage are extremely preferred by businesses.