Income Insurance has sold 30 Prinsep Street in Singapore for S$147,000,000

WeWork operates flexible workspaces and occupies the highest levels of 30 Prinsep Street. This includes parts of levels 6 to 11 as well as some floors 7 through 11. Busy Bees, a pre-school operator, occupies the two upper levels.

CBRE held an expression of interest process to sell the property.

Renovated in 2013, this building has an outdoor rooftop terrace on its sixth floor, and retail spaces for food and beverages (F&Bs) on the first. There are also 52 parking spaces.

The building’s current gross floor space (GFA) is 67.335 sq. ft., which exceeds 63,000 sq. ft. maximum allowed based upon the 4.2-to-1 plot ratio of the site measuring 15,000 sq.ft. in the Urban Redevelopment Authority 2019 Master Plan. The site is zoned to commercial use.

Subject to approval, there is the potential for adding value to your property. Some of these include using the rooftop terrace on sixth floor as a F&B venue and converting the excess parking spaces into leasable space that can generate an additional rental income. CBRE reported in January when the building was listed for sale that it could also be converted into a serviced apartment, medical suites or a hotel.

The net lettable space for the 999 year leasehold building comes out to approximately S$3,000 psf.

30 Prinsep Street sold for $147M

Income Insurance sold a 11-storey leasehold building on 30 Prinsep Street, with a term of 999 years for S$147 Million.

The price of this 48,974 sqft property net-lettable is approximately S$3,000. It is just a short distance from Bencoolen MRT on the Downtown Line. Bras Basah Station and Dhoby Ghaut interchange station are nearby.

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The buyer is thought to be a family member of Midview, who has developed commercial and industry properties including Midview City at Sin Ming Lane.

Buzz on the Area

Observers noticed that 30 Prinsep Street lies in an area that is primed for a revitalization.

SingHaiyi’s consortium has also redeveloped Peace Centre and Peace Mansion, located in Sophia Road, into a retail, residential and strata project.

Keppel, a company that manages funds, announced in January of this year the S$348m acquisition of Wilkie Edge’s office and retail space by a different account mandate from PGGM. Keppel announced it would undertake asset improvement initiatives to convert, reconfigure, and redeploy existing space in the property.

The Ascott’s lodging division, The Ascott Investment, has rebranded Hotel G as lyf Bugis Singapore in the Bencoolen Street/Middle Road district. Ascott, CapitaLand Wellness Fund and The Ascott bought Hotel G a few month ago for S$238M.

Income Insurance, formerly NTUC Income Insurance co-operative, bought 30 Prinsep Street, formerly Lim Kah Ngam, in 2001, for S$42.4M. The building, completed in 1992, was constructed by the property and construction group.

Bright Ruby Resources purchased 16 Collyer Quay from Income Insurance for S$1billion in late 2022.

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