Office floor at Suntec Tower 1 for sale at $42.8 mil
Recent office 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. At the same time, a 4,779 sq ft unit on the 22nd floor of Tower 3 was settled for $15.3 million ($3,200 psf) on June 7.
The area benefits from direct access to neighboring MRT stations such as Promenade (Circle and Midtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also connected to major highways such as the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
A whole strata workplace ground at Suntec Tower 1, in Suntec City, has definitely been put up for sale at a suggestive guide price of $42.8 million. The floor plate has a total strata floor surface area of 12,045 sq ft, and the guide value converts to $3,553 psf.
“Need for strata office assets in Suntec City stays sturdy, with minimal supply of Grade-An office buildings satisfying the market’s demand for characteristics such as drop-off places, parking area, viewpoints, and services,” claims Wong.
The office floor on the market includes overall scenery of the Marina Bay location and the surrounding city skyline.
This offers the brand-new proprietor with the flexibility to use up the possession as a financial investment, totally subleasing it out for rental, or moving in as a landlord-occupier, says Terry Wong, senior director, Funding Markets, JLL Singapore.
He adds that the size of the strata workplace floor plate makes it manageable for subdivision or combinations within units that can suit the area guidelines of incoming occupants or self-use. “The entire level even comprises three personal strata titles, providing opportunity for future divestment as different strata units,” states Wong.
Last December, a 10,312 sq ft penthouse office floor on the 44th floor of Suntec City Tower 3 was sold for $36.23 million ($3,513 psf). This offer was closed by Wong of JLL.
Suntec City is a centrally located incorporated advancement that makes up 5 Grade-An office towers, a retail mall and a convention hub.
The strata workplace floor has a standard and versatile floor-plate layout that incorporates seven private units. It is currently somewhat tenanted and are going to be marketed with existing occupancies.
According to market sources, the office ground for sale is on the 27th floor. Reselling caveats show that the whole workplace floor was last acquired for $31.72 million ($2,634 psf) in June 2021.
JLL is promoting the sale of the workplace level with an expression of interest (EOI) exercise that closes up on Aug 20. The sale is open to overseas clients and organizations, and the additional buyer’s stamp responsibility and vendor’s stamp obligation are not applicable for this deal.
