Global real estate investment manager PGIM Real Estate has put up three floors of strata offices at a 12-storey office building on 108 Robinson Road for sale at $18.2 million each ($3,850 psf), according to a March 11 joint press release by exclusive marketing agents CBRE, Savills and SRI Capital Market. This follows an extensive revamp of the building, which PGIM purchased in 2021 for $143 million from multi-asset investment firm Sin Capital Group. The revamp was completed last June.

The freehold commercial building consists of a retail podium on the first and second floors, while office floors are from the third to 12th floors.

The office building will be sold in phases, with the three office floors put up for sale being the first phase. The three office floors are on mid-to-high floors and occupy about 4,800 sq ft each.

The office floors were previewed in February with “strong interest from potential buyers”, according to the press release. Expressions of interest will be collected from prospective buyers over the next four weeks with private placement of the offices targeted from April 8.

The building has achieved the BCA Green Mark Platinum Award — the highest level of certification under the Green Mark Certification Scheme — which, coupled with its freehold tenure, makes the building a rare strata office asset, says Low Choon Sin, managing partner of SRI Capital Markets.

Locals and foreigners can purchase the property without paying additional buyer’s or seller’s stamp duty.

Article written by Edgeprop Singapore published Mar 2024.

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