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 indicates that the newly arriving proprietor has the versatility to keep the whole floor as it is, or divest the units individually down the road.
Immigrants and firms are eligible to acquire industrial property without spending for additional purchaser’s or vendor’s stamp obligation.
Lim states that Suntec City strata office spaces, specifically high-floor units, tend to enjoy solid demand from clients and occupants because of their central site, large business services on-site and access.
This is the second office space storey 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 marketplace at an indicative cost of $42.8 million. With a floor surface area of 12,045 sq ft, this translates into an overview price of $3,553 psf. JLL is marketing the workplace floor by means of an expression of interest exercise that closes on Aug 20.
Based upon URA caveats, the workplace units were bought in June 2011 at $30.27 million. The first unit figuring 4,758 sq ft was bought at about $11.7 million. The second unit of 3,735 sq ft was bought at $9.2 million, while the third unit covering 3,789 sq ft was transacted at $9.34 million. All three units were negotiated at $2,465 psf based upon floor area.
Suntec Tower 1 is among five office towers in the Suntec City property development on 7 Temasek Blvd. The property development also consists of a retail shopping center and event hub. Located inside the CBD, it is serviced by 3 MRT lines via the Esplanade, Promenade and City Hall MRT Stations.
The most current deal remained in June, when a 3,079 sq ft strata office unit on the 37th floor switched hands for $11.5 million, or $3,736 psf.
Up until now this year, the project has observed a total amount of 5 transactions ranging in between $3,200 psf and $3,817 psf, based upon cautions lodged.
An entire office level on the 31st storey of Suntec Tower 1 has been put on the market with an overview cost of $41.8 million. According to the special advertising and marketing broker PropNex, the property consists of 3 single strata titles and is readily available to sell using private treaty. At a combined strata place of 12,282 sq ft, this figures out to a guide cost of $3,403 psf.
The office space units have a 99-year leasehold from 1989, with a remaining lease of about 64 years. They are completely tenanted till October 2025, giving immediate monthly leasing income of greater than $130,000, claims Henry Lim, affiliate district branch administrator of PropNex. The occupant has actually shared interest in expanding the rent, he adds.