Income Insurance’s sale of 30 Prinsep Street is S$147 million

Buzz about the area

Observers noted 30 Prinsep Street as a location ripe for revitalization.

SingHaiyi has led a consortium to redevelop the Peace Centre & Peace Mansion Site in Sophia Road as a strata, retail & residential project.

Keppel has announced the S$348m purchase of Wilkie Edge’s retail and office components by a fund they manage – a separate mandate that was secured from PGGM. Keppel stated that it intends to carry out asset enhancement initiatives in order to convert, reconfigure and redeploy space within the Wilkie Edge property to achieve higher rent income.

The Ascott is the lodging business division of CapitaLand Investment. The Ascott has acquired the hotel G, which was located in the Bencoolen Street/Middle Road. The Ascott will upgrade the property and rebrand it as lyf Bugis Singapore. Ascott Wellness Fund and CapitaLand Ascott purchased Hotel G in Singapore for S$238 Million a few weeks ago.

Income Insurance – formerly NTUC Income Insurance – acquired 30 Prinsep Street (formerly NTUC Income Insurance – Cooperative) in 2001 at a cost of S$42.4million from Lim Kah Ngam. The property and construction group built the building in 1992.

Bright Ruby Resources bought 16 Collyer Quay in 2022, when Income Insurance sold it for S$1billion.

The price for a 999 years leasehold property is S$3,000 per sq ft.

Income Insurance sold 30 Prinsep Street

Income Insurance reportedly sold its 11 storey, 999 year leasehold commercial property at 30 Prinsep Street (S$147 million) for around S$147.

Price reflects approximately S$3,000/sq ft on the 48.974 sq ft (net lettable) property. Bencoolen MRT Station on Downtown Line is within walking distance. Bras Bassah MRT interchange and Bras Baseh station are only a few minutes away.

park hill pricing

The buyer has been identified as an entity associated with the Lim family, which owns Midview Group. Midview City is a commercial and industrial property in Sin Ming Lane.

WeWork, a flexible workspace provider, occupies most of the levels 7-11, and a portion of level 6. Busy Bees has two floors.

CBRE’s Expression of Interest process was used to sell this property.

The building was refurbished in 2013. It has a roof-top terrace and retail space approved for F&B use on the sixth floor. There is parking for 52 cars.

The existing gross area (GFA), 67.335 sq.ft, is greater than the 63,000 sq.ft maximum that can be allowed under the Urban Redevelopment Authority’s 2019 Master Plan. The site’s zone is commercial.

Subject to approval, the property may have potential to increase its value. There are several options, including using the roof deck on the sixth level as an F&B restaurant and converting extra parking spaces into rentable areas. CBRE noted that there is scope to retrofit this building into a hospital, serviced apartments, or hotel.

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