2 days ago
Kwan Im Thong Hood Cho Temple buys three floors in Robinson Road for S$55.8 million
[SINGAPORE] The top two levels of the 12-storey freehold office building at 108 Robinson Road as well as its eighth floor, are being sold for S$55.8 million.
The total strata area is about 14,252 square feet (sq ft).
Last month, an option to purchase the three office floors was granted to and exercised by four trustees of Kwan Im Thong Hood Cho Temple.
This is a charitable organisation that provides a place of worship on Waterloo Street for Buddhists; it also makes donations to various worthy causes as determined by the trustees, according to
Level 12 of 108 Robinson Road has fetched S$18.7 million, which works out to S$3,950 per square foot (psf) on the strata area of 4,736 sq ft. Levels 11 and 8, with a strata area of 4,758 sq ft each, are being sold at S$3,921 psf and S$3,875 psf, respectively. The absolute price for level 11 is S$18.66 million and that for level 8, S$18.4 million.
The three levels are being sold by PGIM Real Estate (PGIM RE), which began strata sales in 108 Robinson Road last year, after an extensive revamp of the asset in mid-2023.
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PGIM RE acquired the property, formerly known as Finexis Building, in April 2021 for US$107 million as part of its expansion plans into Asia. PGIM RE is the real estate investment arm of PGIM, the global asset management business of US-based Prudential Financial.
The building, located in Singapore's central business district, comprises a retail podium on the first two levels, and office floors from levels 3 to 12.
The building is subdivided into 11 strata units. Offices on Levels 3 to 12 have one strata title per floor. Most of these 10 office floors have a strata area of 4,700-plus sq ft each, but Levels 3 and 4 are slightly smaller, at 4,349 sq ft and 4,628 sq ft, respectively.
With the recent sale of levels 8, 11 and 12, all that is left in the building are the 6,727 sq ft duplex retail unit on the first two levels and the office floor on level 3.
The building does not have any car park, but is located near three MRT stations: Telok Ayer, Shenton Way and Tanjong Pagar.
On Apr 25, the Urban Redevelopment Authority released data showing that its price index of office space in Singapore's central region dipped 0.2 per cent quarter on quarter in Q1 2025, after having slipped 0.7 per cent in the fourth quarter of 2024. For the whole of 2024, the price index appreciated by 1.8 per cent.
In early May, The Business Times reported that the late tycoon SP Tao's family is selling its space on the top two levels of the 29-storey SGX Centre 2 in Shenton Way for a total of S$39.5 million. This works out to about S$2,629 psf for the total strata area of about 15,026 sq ft.
SGX Centre – comprising a two-tower 29-storey office building and podium – is on a site with 99-year leasehold tenure from November 1995, leaving about 69.5 years on its lease.
The sale of the Tao family's space involves two transactions at SGX Centre 2. The whole of level 29, nearly 10,215 sq ft, is changing hands at S$26.85 million; about 4,811 sq ft on part of level 28 has fetched S$12.65 million.
