Office floor at Suntec Tower 1 for sale at $42.8 mil
This gives the brand-new owner with the flexibility to use up the possession as a financial investment, completely leasing it out for lease, or moving in as a landlord-occupier, says Terry Wong, higher supervisor, Funding Markets, JLL Singapore.
“Demand for strata office possessions in Suntec City remains sturdy, with limited amount of Grade-An office buildings meeting the marketplace’s need for characteristics such as drop-off parts, parking area, viewpoints, and amenities,” says Wong.
Recent office space unit transactions at Suntec City included the sale of a 3,078 sq ft unit on the 37th storey of Tower 1 that changed hands for $11.5 million ($3,736 psf) on June 20. On the other hand, a 4,779 sq ft unit on the 22nd level of Tower 3 was settled for $15.3 million ($3,200 psf) on June 7.
Suntec City is a centrally located incorporated development that makes up 5 Grade-An office towers, a retail mall and a convention centre.
The strata office floor has a standard and adaptable floor-plate layout that encompasses 7 specific units. It is currently partly tenanted and will most likely be marketed with existing tenancies.
The location benefits from direct accessibility to close-by MRT terminals such as Promenade (Circle and Midtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also attached to significant highways including the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
He includes that the dimension of the strata office flooring plate makes it versatile for community or amalgamation in to units that can fit the space guidelines of inbound occupants or self-use. “The whole floor also consists of three personal strata titles, offering possibility for near future divestment as separate strata units,” states Wong.
A whole strata office floor at Suntec Tower 1, in Suntec City, has recently been put up for sale at an indicative guide price of $42.8 million. The floor covering plate has a complete strata floor surface area of 12,045 sq ft, and the guide price converts to $3,553 psf.
Last December, a 10,312 sq ft penthouse office floor on the 44th floor of Suntec City Tower 3 was yielded $36.23 million ($3,513 psf). This offer was secured by Wong of JLL.
According to market resources, the facility storey offer for sale is on the 27th ground. Resale cautions suggest that the whole workplace floor was last purchased for $31.72 million ($2,634 psf) in June 2021.
The workplace floor on the market features overall scenery of the Marina Bay location and the surrounding city horizon.
JLL is marketing the transaction of the workplace level through an expression of interest (EOI) activity that finalizes on Aug 20. The sale is open to overseas investors and entities, and the extra buyer’s stamp duty and seller’s stamp duty are not suitable for this transaction.
