Office floor at Suntec Tower 1 for sale at $42.8 mil
An entire strata office space 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 space of 12,045 sq ft, and the guide pricing translates to $3,553 psf.
Last December, a 10,312 sq ft penthouse office floor on the 44th level of Suntec City Tower 3 was sold for $36.23 million ($3,513 psf). This deal was sealed by Wong of JLL.
“Demand for strata workplace properties in Suntec City remains robust, with limited amount of Grade-An office complex meeting the market’s demand for attributes such as drop-off parts, parking area, sights, and amenities,” states Wong.
JLL is promoting the purchase of the office floor through an expression of interest (EOI) exercise that closes up on Aug 20. The sale is open to international buyers and organizations, and the additional customer’s stamp responsibility and vendor’s stamp obligation are not suitable for this purchase.
This supplies the new proprietor with the flexibility to take up the possession as an investment decision, fully renting it out for hire, or moving in as a landlord-occupier, states Terry Wong, top supervisor, Funding Markets, JLL Singapore.
The area benefits from straight accessibility to nearby MRT stations 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.
Recent office space unit transactions at Suntec City included the sale of a 3,078 sq ft unit on the 37th ground 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 floor of Tower 3 was negotiated for $15.3 million ($3,200 psf) on June 7.
He includes that the size of the strata workplace flooring plate makes it adjustable for subdivision or combinations within units that can fit the room conditions of inbound renters or self-use. “The entire level even comprises three personal strata titles, supplying opportunity for future divestment as different strata units,” says Wong.
The office floor on the marketplace features overall views of the Marina Bay zone and the neighboring city horizon.
Suntec City is a centrally located integrated advancement that consists of 5 Grade-An office towers, a retail shopping center and a convention hub.
According to market sources, the office ground for sale is on the 27th level. Resale caveats show that the entire office ground was last bought for $31.72 million ($2,634 psf) in June 2021.
The strata workplace floor has a standard and adaptable floor-plate layout that includes 7 specific units. It is currently somewhat tenanted and are going to be sold with existing occupancies.
