Income Insurance sold 30 Prinsep Street at S$147,000,000

The building, which was refurbished in 2013, has a roof terrace for outdoor dining on the 6th floor. Retail spaces on the 1st floor are approved to be used by F&B. The building has 52 parking spaces.

The current gross floor area of the building is 67.335 sq.ft. This exceeds the maximum 63,000 sq.ft allowed by the Urban Redevelopment Authority’s Master Plan 2019 based on its 4.2 plot ratio. The site has been zoned as commercial.

It is possible to add value to a property, subjected to approval. This includes using the roof-top terrace on the 6th floor as an F&B outlet or converting excess car parking into leasable spaces that can generate extra rental income. CBRE, which listed the property in January, said that there was also potential to retrofit it into a hotel or serviced apartments, as well as medical suites.

Buzz in the area

Observers pointed out that 30 Prinsep Street was in a prime location for rejuvenation.

SingHaiyi, a consortium led by SingHaiyi, has developed the Peace Centre site and Peace Mansion on Sophia Road, transforming them into a residential, retail and strata office project.

Keppel announced that a fund managed by it had purchased the Wilkie Edge office and retail components for S$348m. The funds mandate was obtained from PGGM. Keppel has announced that it will undertake asset enhancement projects to reconfigure, redeploy and convert the existing space at Wilkie Edge to generate higher rental income.

The Ascott’s lodging business unit CapitaLand Investment, The Ascott and the CapitaLand Wellness Fund bought Hotel G for S$238 million a few months ago. The hotel is now being upgraded as lyf Bugis Singapore under the coliving brand lyf. A few months back, the Ascott and CapitaLand Wellness Fund acquired Hotel G from CapitaLand Investment for S$238million.

Income Insurance, formerly NTUC Income Insurance Company, purchased 30 Prinsep Street for S$42.4 Million in 2001 from Lim Kah Ngam. The building was built by the Construction and Property Group in 1992.

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Bright Ruby Resources acquired 16 Collyer Quay – formerly Income At Raffles – from Income Insurance in late June 2020 after it divested the property for S$1 billion.

Income Insurance sold 30 Prinsep Street at S$147,000,000

The building has a 999-year lease and the price is about S$3,000/sf.

Income Insurance sold the 11-storey, 99-year-leasehold commercial building located at 30 Prinsep Street to a third party for S$147m.

The price is about S$3,000 a square foot for the 48,974 square feet of net rentable space. This property is located just a few steps from the Downtown Line MRT Station Bencoolen. BrasBasah station and Dhoby Ghaut Interchange Station are located nearby.

The buyer of the property is believed to be an entity connected to the Lim Family, who developed Midview City and other commercial and industrial properties in Sin Ming Lane.

WeWork, an operator of flexible workspaces, is the largest tenant at 30 Prinsep Street. It occupies all levels 7-11 and parts of 6th level. Busy Bees operates on two levels.

CBRE had conducted an expression-of-interest exercise.

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