Office Floor At Singapore’s Chinatown Point Sold For S$17.38mil
SINGAPORE – The entire 21st floor of the 25-storey Chinatown Point building at 133 New Bridge Road was purchased for S$17.38 million, showing that commercial property investors are continuing to acquire bite-sized office properties in Singapore, reported Mingtiandi on Tuesday evening (24 January, SGT).
The office floor can be subdivided and measures 9,717 sq ft, meaning the selling price works out to S$1,788 psf.
The office transaction was completed at the end of December 2023. The seller is Singapore-registered property company Inter-premium Corporation, while the buyer’s identity was not revealed, disclosed Joshua Giam, CBRE’s Associate Director for its capital markets team here, who added that the office property will be held as an investment.
Located south of Clarke Quay at the intersection of Upper Cross Street New Bridge Road, Chinatown Point is a mixed-use commercial property consisting of a 6-storey retail podium and office spaces from level 8 to 25.
The building was completed in 1993 and was refurbished more than 10 years ago. The development is also connected to the Chinatown MRT Station via an underground pedestrian walkway.
Asked for comments, CBRE’s Giam told the news outlet that the latest transactions demonstrate that Singapore’s office market remains resilient and continues to pique the interest of both end users and property investors despite a cautious investment environment.
“Amid sustained rate hikes and uncertainty in the global macroeconomic, investors and end users continue to remain keen to deploy capital here,” stated CBRE in a Linkedin post
“This deal illustrates their confidence in Singapore and our team’s expertise in the investment market,” added the real estate consultancy.
Furthermore, the deal adds to a series of strata office transactions in the city-state in December 2022. These include the sale of several office units within Southpoint building in Tanjong Pagar that commanded a record high psf price of S$3,000 and totalling S$32.68 million that was just reported last week.