Office floor at Suntec Tower 1 for sale at $42.8 mil
An entire strata office floor at Suntec Tower 1, in Suntec City, has been put up for sale at a suggestive overview price of $42.8 million. The flooring plate has a total strata floor space of 12,045 sq ft, and the overview value translates to $3,553 psf.
The area benefits from direct access to nearby MRT stops such as Promenade (Circle and Downtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also linked to major freeways including the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
This offers the brand-new proprietor with the adaptability to take up the property as an investment decision, totally leasing it out for rent, or moving in as a landlord-occupier, claims Terry Wong, higher supervisor, Resources Markets, JLL Singapore.
The strata workplace floor has a regular and versatile floor-plate layout that encompasses seven specific units. It is currently partially tenanted and are going to be offered with existing tenancies.
JLL is promoting the transaction of the office floor via an expression of interest (EOI) exercise that closes on Aug 20. The sale is open to international clients and entities, and the extra buyer’s stamp responsibility and seller’s stamp obligation are not suitable for this purchase.
He includes that the size of the strata office floor plate makes it manageable for neighborhood or combinations in to units that can fit the space guidelines of arriving occupants or self-use. “The whole floor even makes up 3 private strata titles, offering opportunity for potential divestment as separate strata units,” states Wong.
According to industry sources, the office storey for sale is on the 27th level. Reselling caveats indicate that the whole workplace ground was last acquired for $31.72 million ($2,634 psf) in June 2021.
Recent workplace unit purchases at Suntec City included the sale of a 3,078 sq ft unit on the 37th floor of Tower 1 that switched hands for $11.5 million ($3,736 psf) on June 20. Meanwhile, a 4,779 sq ft unit on the 22nd flooring of Tower 3 was transacted for $15.3 million ($3,200 psf) on June 7.
“Demand for strata workplace assets in Suntec City continues to be sturdy, with limited amount of Grade-An office buildings fulfilling the marketplace’s need for characteristics like drop-off parts, parking lot, views, and amenities,” claims Wong.
Last December, a 10,312 sq ft penthouse office ground on the 44th level of Suntec City Tower 3 was brought $36.23 million ($3,513 psf). This deal was closed by Wong of JLL.
The office ground on the market includes overall scenery of the Marina Bay zone and the surrounding city skyline.
Suntec City is a centrally located integrated growth that consists of five Grade-A workplace towers, a retail shopping center and a convention hub.
