Strata office units at Southpoint sold for $32.68 million
Interestingly, in the same building, an ageing office located on Level 4 with a remaining lease term of about three years sold for $4,400 psf in October last year.This signifies that the location and remaining leasehold of the office space play a huge factor in determining its sale price.
The recent sale of strata office units at Southpoint, an office building situated in 200 Cantonment Road, has set a record high price in terms of psf prices transacted at Southpoint. Yap Hui Yee, executive director, investment sales & capital markets at Savills Singapore, who brokered the deal, reveals that the units span a total of 10,893 sq ft and were sold at $3,000 psf – the highest sale mark achieved at Southpoint.
It isn’t surprising that Yap remarks that her success in brokering this deal is a strong testament to Savills’ unparalleled local market knowledge. Indeed, it was only in 2019 when she previously brokered the sale of two floors at Southpoint for $2,444 psf.
Interestingly, the location and remaining leasehold of the office unit play a huge factor in determining the psf sale mark. This was seen in October last year when an ageing office located on Level 4 with a remaining lease term of about three years was sold for $4,400 psf.
The last recorded transaction to have taken place in Southpoint was in December 2022, when a strata office unit on the 12th floor sold for $43 million ($2,681 psf). However, this is insignificant when compared to the most recent sale, which sets a new record high price.
Savills’ Tengah Plantation EC Yap concludes, “We are able to advise our clients to achieve the highest price and best exit strategy for their acquisition.”
Located near the Greater Southern Waterfront precinct in District 2, Southpoint is situated within walking distance of the Tanjong Pagar and Outram MRT Stations, and is conveniently close to the upcoming Cantonment MRT Station. These traits, coupled with Savills’ ability to help broker the best sale mark reflect the value of this office building located in an up-and-coming location.