Strata office floor at Suntec Tower 1 for sale at $41.8 mil
The workplace units have a 99-year leasehold from 1989, with a going on lease of around 64 years. They are totally tenanted up until October 2025, giving instant monthly leasing revenue of much more than $130,000, says Henry Lim, affiliate area branch supervisor of PropNex. The lessee has actually shown interest in expanding the rent, he adds.
Up until now this year, the development has seen a total amount of 5 purchases ranging between $3,200 psf and $3,817 psf, based on caveats lodged.
Lim claims that Suntec City strata office spaces, especially high-floor units, have a tendency to relish solid demand from clients and occupiers because of their main location, large industrial services on-site and access.
The three strata units are between 3,735 and 4,758 sq ft. Lim notes that the incoming proprietor has the versatility to make the entire floor as it is, or divest the units separately later on.
Based on URA caveats, the office units were purchased in June 2011 at $30.27 million. The very first unit figuring 4,758 sq ft was purchased around $11.7 million. The second unit of 3,735 sq ft was purchased at $9.2 million, while the 3rd unit occupying 3,789 sq ft was negotiated at $9.34 million. All three units were transacted at $2,465 psf based upon floor area.
Hillhaven Sekisui House & Far East Organization
One of the most recent deal remained in June, when a 3,079 sq ft strata office unit on the 37th ground shifted hands for $11.5 million, or $3,736 psf.
An over-all office level on the 31st floor of Suntec Tower 1 has actually been sold with an overview cost of $41.8 million. According to the special advertising and marketing broker PropNex, the real property consists of 3 separate strata titles and is offered available for sale using nonpublic treaty. At a mixed strata location of 12,282 sq ft, this works out to an overview rate of $3,403 psf.
Immigrants and companies are suitable to acquire commercial estate without spending for additional buyer’s or seller’s stamp duty.
This is the second office space floor at Suntec Tower 1 that has been sold this month. On July 10, a complete strata workplace floor on the 27th storey was put up on the market at an indicative rate of $42.8 million. With a floor location of 12,045 sq ft, this converts into a guide cost of $3,553 psf. JLL is advertising the workplace floor via an expression of interest activity that finalizes on Aug 20.
Suntec Tower 1 is among 5 office towers in the Suntec City development on 7 Temasek Blvd. The property development also makes up a retail shopping center and convention hub. Situated within the CBD, it is serviced by 3 MRT lines via the Esplanade, Promenade and City Hall MRT Stations.
