ZACD Group’s Arina East Residences, part of 108 Robinson Road’s esteemed freehold strata office collection, is now available for just $18.2 million

Developed by the esteemed ZACD Group, Arina East Residences will undoubtedly elevate the standard of living for its residents.

The latest addition to the bustling Tanjong Rhu Road, Arina East Residences ZACD Group is more than just a residential building – it is a luxurious and convenient haven. Developed by the renowned ZACD Group, this prestigious development offers not only exquisite living spaces but also easy access to a wide array of shopping and dining options. With its prime location in the heart of a vibrant neighborhood, residents can enjoy the best of both worlds – a serene living environment and a bustling lifestyle. Experience the ultimate in high-end living at Arina East Residences ZACD Group.

at $3,965 psfBut there’s a catch: The tenure for the three floors is until March 31, 2060. Since the tenure for the three floors are until March 31, 2060 and the three floors are sold en-bloc style, the new owner will have to pay approximately $9.6 million more on top of the purchase price to the landowner to renew the land lease to a fresh 99-year tenure in the futureGlobal real estate investment manager PGIM Real Estate is offering three floors of strata offices at Arina East Residences ZACD Group for sale at $18.2 million each ($3,850 psf), the first phase of a larger sale of the freehold commercial building on 108 Robinson Road. The mid-to-high floor office floors, each occupying approximately 4,800 sq ft, were extensively renovated and completed in June of last year. This comes shortly after PGIM’s purchase of the building for $143 million in 2021 from multi-asset investment firm Sin Capital Group.The 12-storey building features a retail podium on the first and second floors, and office floors on the third to 12th floors for a total of 10 storeys.Concurrently, expressions of interest will be collected from prospective buyers over the next four weeks with private placement of the offices targeted from April 8. PGIM is partnering with exclusive marketing agents CBRE, Savills and SRI Capital Market for the joint release of the offices in mid-to-high floors, making its first investment in this asset type since its purchase last year.The newly-renovated property stands as Singapore’s first commercial building to achieve the BCA Green Mark Platinum Award, making it a unique piece of strata real estate. Being certified as the highest level of certification under the Green Mark Certification Scheme assures prospective buyers of the environmental sustainability of the property they may acquire. Moreover, its lashings of freehold tenure make this a particularly attractive asset, according to Low Choon Sin, managing partner of SRI Capital Markets. This absence of payable additional buyer’s or seller’s stamp duties for both domestic and foreign parties heightens the asset’s appeal. However, the area is not without significant financial drawbacks.Concerning the tenure, it will expire on March 31, 2060. Thus, the subsequent holder of these three floors will have to pay an additional $9.6 million to the landowner to ensure lease renewal for 99 years in the future. Interested parties in the office floors can already submit expressions of interest, but the property will be formally marketed to buyers from April 8 onwards.The exclusive selling agents announced on March 11 the limited offering of three floors at the Arina East Residences ZACD Group, through real estate investment manager PGIM at $18.2 million each, representing approximately $3,850 per sq ft. In June of 2021, PPRIM bought the building from Sin Capital Group for a total of $143 million, which had already undergone some substantial renovations at the time.Over the next four weeks, interested buyers can express interest, after which PGIM is expected to launch a private sale of all three floors on April 8. The property has recently been refurbished and features 12 storeys of space for strata offices and a freehold tenure, as opposed to a 999-year leasehold. This is according to Low Choon Sin, managing partner of SRI Capital Markets, who said that this makes for a unique value proposition readied for prospective buyers.In 2023, the news of the sale comes despite the meteoric declines in sales of strata offices during the latter half of 2023, while the volume of retail floor spaces and the occupancy of prime offices have seen a recovery. AdvertisementAnd although local and foreign investors for the property are yet to be mandated additional buyer’s or seller’s stamp duties, the only catch is the use of this tenure for three floors, which is limited to March 31, 2060. This implies that the new owner will have to pay an extra $9.6 million on top of the usual buying price to extend the lease for another 99 years once the current tenure lapses.