Strata office floor at Suntec Tower 1 for sale at $41.8 mil
An entire office level on the 31st floor of Suntec Tower 1 has actually been put on the market with a guide cost of $41.8 million. According to the exclusive advertising and marketing agent PropNex, the real property consists of 3 individual strata titles and is offered for sale using private treaty. At a combined strata place of 12,282 sq ft, this works out to an overview rate of $3,403 psf.
Suntec Tower 1 is just one of five workplace towers in the Suntec City property development on 7 Temasek Boulevard. The property development even consists of a retail mall and convention center. Situated within the CBD, it is serviced by 3 MRT lines via the Esplanade, Promenade and City Hall MRT Stations.
The workplace units have a 99-year leasehold from 1989, with a going on lease of around 64 years. They are fully tenanted until October 2025, supplying prompt monthly rent income of greater than $130,000, states Henry Lim, associate area branch administrator of PropNex. The tenant has actually shared interest in extending the rent, he includes.
Based upon URA caveats, the office units were bought in June 2011 at $30.27 million. The initial unit measuring 4,758 sq ft was purchased around $11.7 million. The 2nd unit of 3,735 sq ft was acquired at $9.2 million, whereas the third unit taking up 3,789 sq ft was negotiated at $9.34 million. All 3 units were settled at $2,465 psf based upon floor surface area.
Lim says that Suntec City strata office spaces, particularly high-floor units, often tend to relish solid demand from clients and occupants thanks to their central venue, vast commercial offers on-site and accessibility.
Foreigners and companies are eligible to acquire business real estate without spending for additional customer’s or vendor’s stamp responsibility.
Until now this year, the project has seen an overall of 5 purchases ranging between $3,200 psf and $3,817 psf, based on caveats lodged.
This is the 2nd workplace level at Suntec Tower 1 that has actually been sold this month. On July 10, a complete strata workplace ground on the 27th storey was put up on the market at an indicative cost of $42.8 million. With a floor area of 12,045 sq ft, this converts into an overview price of $3,553 psf. JLL is advertising the workplace floor through an expression of interest activity that finalizes on Aug 20.
The three strata units are in between 3,735 and 4,758 sq ft. Lim indicates that the newly arriving owner has the adaptability to make the entire level as it is, or unload the units independently in the future.
The most recent transaction remained in June, when a 3,079 sq ft strata office unit on the 37th storey changed hands for $11.5 million, or $3,736 psf.
