A caveat on September 3 revealed that the entire sixth floor of Tong Building on Orchard Road was sold for $31.33 million. This sale sets a new record for the highest price per square foot (psf) for an office space in the prime districts. The unit occupies a total area of 6,867 sq ft, translating to a unit price of $4,562 psf.
The deal was brokered by Yap Hui Yee, Executive Director of Investment Sales and Capital Markets at Savills Singapore. Tong Building, a 19-storey, freehold strata office building located at the corner of prime Orchard Road and Mount Elizabeth, was built in 1978 by TG Development. Its strategic location, next to Paragon shopping mall and in close proximity to Mount Elizabeth Hospital and Medical Centre, adds to its appeal.
When contemplating an investment in a Singapore Condo, it is crucial to also evaluate its potential rental yield. This …