Weekly URA Realis Updates — Week of 1 June 2026: PGIM’s Final Floor at 108 Robinson Road Sold for S$16.1M, Closing the Strata Sell-Down; S$34.2M Across 13 Commercial Caveats

The sale of the third-floor office at 108 Robinson Road for S$16.1 million — S$3,702 per square foot — marks the end of one of Singapore’s more closely watched commercial property plays. The 4,349-square-foot floor is the last strata lot sold in PGIM Real Estate’s methodical sell-down of the 12-storey freehold office building, closing a value-add cycle that began with acquisition in 2021 and culminated in a floor-by-floor exit across 20 months.

JustCo currently occupies and operates from Level 3.

The PGIM playbook

PGIM Real Estate, the real estate investment arm of US-based Prudential Financial, acquired 108 Robinson Road from Sin Capital Group in February 2021 for S$142.8 million — lodged as two caveats: S$122.0 million for the 10 office floors and S$20.8 million for the retail podium on Levels 1 and 2. The building, formerly known as Finexis Building, sits in the Shenton Way–Tanjong Pagar precinct, 250 metres from Telok Ayer MRT and minutes from the upcoming Shenton Way station.

PGIM then embarked on a comprehensive asset enhancement initiative: a new full-height glass facade, replacement of all lifts and air-conditioning systems, a refreshed double-volume lobby, rooftop solar panels, and touchless access controls. The works achieved Temporary Occupation Permit in June 2023 and earned BCA Green Mark Platinum — the highest tier of Singapore’s green building certification.

A 20-month sell-down

With the building repositioned, PGIM appointed CBRE, Savills, and SRI Capital Markets as joint agents and launched the strata sales campaign in March 2024, initially offering three office floors at approximately S$3,850 per square foot.

The sell-down unfolded in eight caveated transactions:

The three-floor transaction in May 2025 — Levels 8, 11, and 12, totalling 14,252 square feet at S$3,915 per square foot — went to Kwan Im Thong Hood Cho Temple for S$55.8 million, the largest single deal in the building’s strata history. The retail podium followed in August 2025 at S$27.7 million (S$4,115 psf), carrying the highest per-square-foot price in the sell-down — a premium consistent with ground-floor retail positioning.

Level 3, the final floor, achieved S$3,702 per square foot — the lowest office PSF in the sell-down, reflecting its position as the smallest and lowest office floor. The transacted price of S$16.1 million was a marginal discount to the S$16.2 million asking in the Expression of Interest exercise by Savills.

The exit

Ten of the building’s 11 strata lots now have caveats lodged in URA Realis, totalling S$189.8 million. Level 7 — a 4,768-square-foot office floor — has not been caveated in URA Realis as of the date of this report. Based on comparable floor sales in the building (weighted average office PSF of S$3,840), Level 7 is estimated at approximately S$18.2 million — placing the full building exit at around S$208 million against the S$142.8 million acquisition. The AEI expenditure — comprehensive enough to earn a whole-building Platinum certification — is not publicly disclosed and would materially affect any implied return.

Office PSFs across the sell-down ranged from S$3,702 (Level 3) to S$3,915 (the temple deal), with a weighted average of S$3,840 per square foot.

Strata scarcity

In March 2022, the Urban Redevelopment Authority introduced restrictions on the strata subdivision of office developments in CBD corridors, Orchard Road, and near national landmarks. That makes 108 Robinson Road one of the last freehold, strata-titled office buildings to have been subdivided and sold floor-by-floor in the CBD. Freehold and 999-year leasehold strata offices account for just 3.7% of Singapore’s total office stock, per CBRE Research.

Other notable caveats

The remaining 12 commercial caveats in this Realis release totalled S$18.1 million. Among the standouts:

Far East Plaza (14 Scotts Road) — A compact 420-square-foot freehold retail unit on the third floor of the Orchard Road mall transacted at S$2.725 million, or S$6,491 per square foot — the highest PSF in this batch by a wide margin.

Artisan 8 (8 Sin Ming Road) — A ground-floor freehold retail unit of 850 square feet transacted at S$3.146 million (S$3,700 psf).

SBF Center (160 Robinson Road) — A 624-square-foot office unit sold for S$2.0 million (S$3,204 psf). This unit was previously purchased in April 2016 for S$1.72 million, producing a realised gain of S$280,800 over a 10.1-year hold — an annualised return of approximately 1.5%.

Parklane Shopping Mall — Two adjacent retail units (35 Selegie Road) transacted at S$850,000 and S$830,000 respectively, on 99-year leases from 1974 with approximately 47 years remaining.

Wisma Atria (435 Orchard Road) — An office unit on a 99-year lease from 1962 (~35 years remaining) sold for S$1.865 million (S$2,250 psf). This caveat’s sale date of 26 March predates the rest of the batch, reflecting a later lodgement into the Realis system.

In total, the 13 caveats were split between six office deals (S$24.6 million) and seven retail deals (S$9.6 million), with freehold assets accounting for nearly three-quarters of total value.

All transactions — latest Realis release

Listed newest sale date first. Addresses are masked for privacy: unit stack numbers shown as XX. Projects shown as “—” were unidentified in the URA caveat. Tenure shows the lease type and, for leasehold, the original term and commencement date — from which remaining lease balance can be read.

No industrial caveats were lodged in URA Realis for this reporting period as of 5 June 2026, making this a purely commercial batch.

Figures reflect caveats lodged with URA Realis. Estimated Level 7 value is based on the weighted average PSF of comparable individual office floor sales within the building. Transaction costs and stamp duties are excluded from all figures.