The 108 Robinson Road office building will be sold in phases, with the three office floors for sale representing the first phase (Photo: CBRE, Savills Singapore and SRI Capital Markets)
SINGAPORE (EDGEPROP) – Global real estate investment manager PGIM Real Estate has built three floors of multi-owner offices on the 108th floor of a 12-storey office building. Robinson Street for sale for $18.2 million each ($3,850 per square foot), according to a joint press release from exclusive marketing agents CBRE, Savills and SRI Capital Market on March 11. This follows an extensive renovation of the building, which PGIM purchased from multi-asset investment firm Sin Capital Group for $143 million in 2021. The renovation was completed last June.
The freehold commercial building consists of a retail podium on the first and second floors, while the third to twelfth floors are office floors.
The office building is being sold in phases, with the three office floors for sale representing the first phase. The three office floors are mid- to high-rise and each have approximately 4,800 square feet of space.
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According to the press release, the office floors were inspected in advance in February and aroused “strong interest from potential buyers”. Expressions of interest from potential buyers will be collected over the next four weeks. A private placement of the offices is planned from April 8th.
The building has received the BCA Green Mark Platinum Award – the highest level of certification under the Green Mark Certification Scheme – which, coupled with the option of freehold ownership, makes the building a rare asset for strata office real estate, says Low Choon Sin, managing partner of SRI Capital Markets.
Locals and foreigners can purchase the property without paying additional buyer or seller stamp duties.
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