Strata office floor at Suntec Tower 1 for sale at $41.8 mil
The three strata units are in between 3,735 and 4,758 sq ft. Lim notes that the newly arriving owner has the flexibility to keep the entire floor as it is, or divest the units individually later on.
This is the 2nd office storey at Suntec Tower 1 that has been sold this month. On July 10, a complete strata office floor on the 27th floor was put up on the market at an indicative rate of $42.8 million. With a floor location of 12,045 sq ft, this equates right into an overview rate of $3,553 psf. JLL is promoting the office floor through an expression of interest activity that closes up on Aug 20.
Suntec Tower 1 is one of 5 workplace towers in the Suntec City development on 7 Temasek Blvd. The property development also makes up a retail shopping center and event center. Situated inside of the CBD, it is served by three MRT lines through the Esplanade, Promenade and City Hall MRT Stations.
Lim says that Suntec City strata office spaces, specifically high-floor units, tend to appreciate solid demand from clients and occupiers because of their central location, vast industrial offerings on-site and availability.
An entire workplace ground on the 31st storey of Suntec Tower 1 has actually been put on the market with an overview price of $41.8 million. According to the unique advertising and marketing broker PropNex, the real property consists of 3 single strata titles and is readily available for sale by means of nonpublic treaty. At a mixed strata location of 12,282 sq ft, this works out to a guide cost of $3,403 psf.
Up until now this year, the development has actually viewed a total amount of 5 purchases ranging between $3,200 psf and $3,817 psf, based on cautions lodged.
The office units have a 99-year leasehold from 1989, with a standing lease of around 64 years. They are totally tenanted till October 2025, supplying immediate month-to-month rental revenue of much more than $130,000, states Henry Lim, associate district branch director of PropNex. The tenant has shared interest in expanding the lease, he includes.
Based on URA caveats, the office units were acquired in June 2011 at $30.27 million. The initial unit measuring 4,758 sq ft was purchased about $11.7 million. The 2nd unit of 3,735 sq ft was acquired at $9.2 million, whereas the 3rd unit covering 3,789 sq ft was settled at $9.34 million. All three units were settled at $2,465 psf based upon floor surface area.
Foreigners and firms are qualified to buy business property without paying for additional purchaser’s or seller’s stamp duty.
The most recent transaction was in June, when a 3,079 sq ft strata office unit on the 37th storey shifted hands for $11.5 million, or $3,736 psf.
