The sale of the third floor closes the book on PGIM’s ownership of the 12-storey office building
PGIM Real Estate has completed its floor-by-floor sell-down of 108 Robinson Road in downtown Singapore, with the disposal of the final office floor closing a value-add exit that began with the US investment manager’s acquisition of the freehold block in 2021.
Savills Singapore, which represented PGIM on the sale of the final floor, announced Tuesday that the last strata office level in the 12-storey building had been transacted, marking full divestment of the Grade A office project near Tanjong Pagar. The buyer wasn’t disclosed.
The disposal comes as lower borrowing costs and Singapore’s tight office market are creating exit opportunities for institutional owners, with the final caveat showing PGIM selling the third floor of 108 Robinson Road for S$16.1 million ($12.6 million), or S$3,702 per square foot.
“The sale of 108 Robinson Road represents the successful execution of our value-add strategy, where we enhanced the asset’s positioning and offered investors a distinctive opportunity to enter Singapore’s supply-constrained office market,” said Su Lin Wee, head of asset management for Southeast Asia, China and Hong Kong at PGIM Real Estate. “Our approach to unlocking value through a phased strata divestment has proven effective and we are pleased with the outcome achieved.”
Floor by Floor
PGIM acquired 108 Robinson Road from Sin Capital Group in February 2021, with the purchase lodged at S$122 million for 10 office floors and S$20.8 million for the retail podium on levels one and two.
Su Lin Wee, head of asset management for Southeast Asia, Hong Kong and China at PGIM Real Estate
Formerly known as the Finexis Building, the 53,873 square foot (5,005 square metre) property sits in the Shenton Way-Tanjong Pagar precinct, within walking distance of the Telok Ayer, Downtown and Shenton Way MRT stations, as well as the SGX Centre.
The US firm upgraded the building with a new full-height glass facade, replacement lifts and air-conditioning systems, a refreshed double-volume lobby, rooftop solar panels and touchless access controls, with the project earning BCA Green Mark Platinum certification after the works were completed in 2023.
PGIM launched the strata sales campaign in March 2024 after appointing CBRE, Savills and SRI Capital Markets as joint agents, initially offering three office floors at S$3,850 per square foot. The sell-down began in September 2024 with the sale of the ninth floor for S$18.56 million and the fifth floor for S$17.92 million, followed by the 10th floor in November for S$18.44 million and the fourth and sixth floors in April 2025 for a combined S$35.3 million.
Kwan Im Thong Hood Cho Temple purchased levels eight, 11 and 12 in May of last year for S$55.8 million, or S$3,915 per square foot, before PGIM sold the retail podium in August for S$27.7 million.
With the seventh floor understood to have sold in November 2024 for roughly S$18 million despite no caveat having been lodged, PGIM’s full exit comes to around S$208 million, compared with its S$142.8 million acquisition price, not including upgrade costs. The third floor, which is the lowest and smallest office floor in the building, achieved the lowest office price per square foot in the sell-down.
“The strong take-up at 108 Robinson Road reflects sustained investor appetite for well-located freehold strata office assets,” said Hui Yee Yap, executive director of investment sales and capital markets at Savills Singapore. “Amid evolving market conditions, we continue to see discerning buyers drawn to the long-term value, flexibility, and rarity of such offerings in the CBD.”
Market Revival
PGIM’s completed exit adds to a rebound in Singapore deal activity after investment in income-earning properties in the city-state surged more than fivefold year-on-year during the January-to-March period to $7.9 billion, according to MSCI.
That first-quarter tally marked Singapore’s highest quarterly total on record and made the Lion City Asia Pacific’s most active metro for the first time since 2021, with Singapore overtaking Tokyo as office and retail trades helped broaden the region’s recovery.
The 108 Robinson Road sell-down also follows PGIM’s sale earlier this year of 78 Shenton Way in Tanjong Pagar to Robert Kuok’s Allgreen Properties for more than S$600 million, with that deal adding to the wave of office transactions.
Singapore’s leasing market has continued to tighten, with CBD Grade A office rents rising 1.4 percent from the previous quarter to S$11.36 per square foot per month in the first quarter, the strongest quarterly growth since the third quarter of 2022, according to Cushman & Wakefield.
Vacancy fell to 4.1 percent from 4.4 percent at the end of 2025, marking a fourth straight quarter of tightening.
With freehold strata office space in the CBD remaining scarce, other institutional owners are testing buyer demand, including HSBC Asset Management, which in April put three fully leased floors at Suntec City up for sale at a combined guide price of S$135 million.
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