Strata office sales breaks 6 year record at $691.5m

The most expensive strata office was in Samsung Hub, which sold for $53.1m.

A total of 162 units were sold in the strata office market for the first half of 2021, more than doubling the 79 sold in the same period last year, according to a report from Knight Frank.

Transaction values rocketed by 106.6% to $691.5m, breaking the half-yearly transaction values that have stayed below $600m since the first half of 2015.

A bulk of the sales were made in the second quarter, with a total of $454.0m worth of transactions for 81 strata offices.

Location-wise, 30% of the total transaction volume can be found in the Central Business District, particularly in Central in Eu Tong Sen Street, which recorded 12 transactions for a total of $67.7m.

The most expensive strata office sale was $53.1m, or $4,050 per square foot, purchased by construction group lee Kim Tah in Samsung Hub.

Besides purchasing for owner-occupation, the en bloc potential of some strata office buildings ripe for redevelopment might also have spurred opportunistic buyers,” Knight Frank said.

As quality strata-office space in central locations remains in short supply, sizable units that meet the requirements of these businesses will be sought after. Boosted by transactions in these locations, the total sales volume is thus expected to cross 200 transactions for the whole of 2021,” it added.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

SIT, DNV ink 3-year partnership on maritime decarbonization and digitalization
The parties will cooperate in three key areas.   The Singapore Institute of Technology (SIT) has joined hands with a maritime advisor, DNV, to advance net-zero ambitions in the Lion City’s maritime sector.

Exclusives

Where to invest your millions in real estate
Amongst locations, realtors suggest the Core Central Region.   Individuals seeking shelter in the real estate market amidst the rising inflation must consider three things before deciding where to invest their millions in.   George Tan, managing director of Savills Digital Residential Marketing, said one of these factors is location.    Tan said buyers should consider areas which are highly demanded and well located—easy access to prestigious or international schools, MRT, malls and food and beverage (F&B) establishments. All these will contribute to good rental demand.   PropNex realtor, Andy Lim, echoed this, adding that buyers should particularly invest in properties within one kilometre of the prestigious schools.