Office floor at Suntec Tower 1 for sale at $42.8 mil
A full strata workplace level at Suntec Tower 1, in Suntec City, has definitely been put up for sale at an indicative guide rate of $42.8 million. The floor plate has an overall strata floor surface area of 12,045 sq ft, and the overview pricing converts to $3,553 psf.
The office ground on the market features all-round views of the Marina Bay area and the neighboring city sky line.
“Need for strata office space possessions in Suntec City continues to be strong, with small amount of Grade-An office buildings fulfilling the market’s demand for attributes such as drop-off points, parking area, scenery, and features,” states Wong.
Recent office unit transactions at Suntec City featured 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. At the same time, a 4,779 sq ft unit on the 22nd flooring of Tower 3 was negotiated for $15.3 million ($3,200 psf) on June 7.
JLL is promoting the sale of the office floor through an expression of interest (EOI) activity that finalizes on Aug 20. The sale is open to overseas clients and entities, and the additional purchaser’s stamp duty and vendor’s stamp responsibility are not suitable for this purchase.
The area benefits from direct accessibility to close-by MRT terminals such as Promenade (Circle and Downtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also connected to major highways including the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
The strata office level has a standard and adaptable floor-plate layout that includes seven specific units. It is presently somewhat tenanted and are going to be sold with existing tenancies.
Last December, a 10,312 sq ft penthouse office floor on the 44th level of Suntec City Tower 3 was yielded $36.23 million ($3,513 psf). This offer was sealed by Wong of JLL.
Suntec City is a centrally located integrated development that consists of five Grade-An office towers, a retail shopping center and an event hub.
This supplies the brand-new owner with the flexibility to occupy the property as a financial investment, totally subleasing it out for rental, or moving in as a landlord-occupier, claims Terry Wong, top supervisor, Resources Markets, JLL Singapore.
According to market sources, the office ground offer for sale is on the 27th ground. Resale caveats show that the entire workplace ground was last bought for $31.72 million ($2,634 psf) in June 2021.
He adds that the size of the strata office flooring plate makes it flexible for subdivision or amalgamation in to units that can suit the space guidelines of incoming occupants or self-use. “The entire storey even comprises 3 individual strata titles, supplying chance for near future divestment as different strata units,” states Wong.
