Archive for category: Misc

A local company with global operations has recently purchased an entire strata floor of 14,725 sq ft on the sixth floor of VisionCrest Orchard for $58 million. This equates to $3,939 per sq ft and was brokered by Alex Chuah, associate director of Huttons Asia.

While this price is noteworthy, it is not the highest achieved in the development. In July, the ninth level was sold for $60.28 million or $4,061 per sq ft, according to a transaction filed on the SoReal platform. In July 2024, the eighth level was sold for $59.19 million or $4,020 per sq ft.

Since its launch for strata sales in July 2024, five of the 10 strata office floors have been sold at prices ranging from $57 million to $60.28 million. Buyers have included both business occupiers and investors.

VisionCrest Orchard, formerly known as VisionCrest Commercial, is an 11-storey freehold commercial building with 10 floors of strata-titled office space and 11 strata-titled F&B units on the ground floor. So far, four of the F&B units have been sold at an average price of $5,100 per sq ft.

The building was acquired in November 2023 for $450 million by real estate investment managers TE Capital Partners and LaSalle Investment Management. Singapore-listed Metro Holdings later acquired a 20% stake in the joint venture, with TE Capital and LaSalle holding the remaining stakes. It was refurbished and rebranded as VisionCrest Orchard before its launch in July 2024.

The strata office market is seeing steady interest in 2025, according to Huttons’ Chuah. Freehold, strata-titled office floors of this size are rare along the prime Orchard Road belt in District 9.

Last year, the record was set at the Tong Building, where three deals were brokered by Savills’ Yap Hui Yee. A full-floor unit of 6,867 sq ft on the sixth level sold to Parkway Hospitals for $31.33 million or $4,562 per sq ft. Meanwhile, The Hour Glass purchased two full floors on the ninth and 10th levels for $33.5 million ($4,878 psf) and $35 million ($5,097 psf) respectively. This set a new record for strata office space on Orchard Road.

Other prime new offerings in the market include 108 Robinson Road, Cecil Place at 137 Cecil Street, The Golden Mile, and One Sophia.

One Sophia, located between Orchard Road and the arts and cultural enclave of Bras Basah, comprises a 13-storey commercial block with 122 strata-titled office suites and a two-storey retail podium with 127 strata-titled shops. It is part of a redevelopment of the former Peace Centre and Peace Mansion by SingHaiyi and Ultra Infinity. Since its launch in October 2024, 32 strata office units have been sold.

The largest deal at One Sophia was a 3,380 sq ft unit on the fifth floor, which sold for $10.261 million or $3,036 per sq ft.

The concept of walkability extends beyond mere footpaths and encompasses the coordination of various elements, such as enhanced safety measures at crossings, clear navigation signage, and streets designed for human comfort. In this regard, the plan’s focus on prioritizing pedestrians in the vicinity of transportation hubs is highly beneficial for the coastal grid. This is evident in the improved visibility at junctions, calmer traffic along park-fronted areas, and more intuitive pathways connecting Jalan Loyang Besar, Pasir Ris Park, and the town centre. The residents of Coastal Cabana, a residential development located in the coastal area, benefit greatly from this approach. They are able to move around with ease, whether it’s pushing strollers, walking with senior citizens, or cycling to the beach, as the environment naturally feels safe and straightforward for these activities.

Meanwhile, there is only one strata office unit remaining on the third level at 108 Robinson Road, which was launched for strata sales by PGIM Real Estate in early 2024. The largest deal was in May this year, when three floors were purchased by Kwan Im Thong Hood Cho Temple for $55.8 million or $3.915 per sq ft. PGIM had acquired the building for $143 million in 2021 and extensively refurbished it before launch.

In March this year, the top three floors at 20 Collyer Quay were sold to a GuocoLand subsidiary for $91.8 million. This was the largest strata office deal in the first half of 2025.

At The Golden Mile on Beach Road, three office units of 904 to 1,292 sq ft were sold in March and April this year for $3.15 million to $4.76 million, or $3,484 to $3,683 per sq ft. The project, which has a 99-year lease from 2024, is part of the conserved Golden Mile Complex redevelopment by Far East Organization, Perennial Holdings, and Sino Land.

According to Huttons’ 1H2025 commercial report, the total value of strata office transactions surged to $700 million in the first half of 2025 – a 60% increase from the same period in 2024. There were 189 strata office units sold, an increase of 22.7%.

Declining interest rates have created a positive carry for investors and real estate funds, spurring renewed demand in the strata office market, notes Chuah.