Office floor at Suntec Tower 1 for sale at $42.8 mil
Recent workplace unit deals at Suntec City featured the sale of a 3,078 sq ft unit on the 37th ground 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 settled for $15.3 million ($3,200 psf) on June 7.
The strata workplace level has a standard and adaptable floor-plate layout that includes 7 private units. It is presently partially tenanted and will be offered with existing tenancies.
A whole strata office space level at Suntec Tower 1, in Suntec City, has definitely been put up for sale at an indicative overview cost of $42.8 million. The floor plate has a total strata floor area of 12,045 sq ft, and the overview pricing translates to $3,553 psf.
The office ground on the marketplace includes all-round sights of the Marina Bay area and the surrounding city sky line.
Last December, a 10,312 sq ft penthouse office ground on the 44th floor of Suntec City Tower 3 was yielded $36.23 million ($3,513 psf). This offer was secured by Wong of JLL.
“Demand for strata office space assets in Suntec City remains robust, with small amount of Grade-An office buildings fulfilling the market’s need for characteristics like drop-off points, car parks, scenery, and amenities,” states Wong.
According to industry sources, the facility floor available for sale is on the 27th level. Reselling caveats show that the entire office floor was last acquired for $31.72 million ($2,634 psf) in June 2021.
JLL is advertising the purchase of the office floor with an expression of interest (EOI) activity that finalizes on Aug 20. The sale is open to international buyers and entities, and the extra customer’s stamp responsibility and seller’s stamp responsibility are not applied for this purchase.
The place benefits from straight entry to nearby MRT stations such as Promenade (Circle and Downtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also linked to significant freeways like the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
This provides the new proprietor with the versatility to use up the property as an investment, completely subleasing it out for rental, or relocating as a landlord-occupier, claims Terry Wong, top director, Funding Markets, JLL Singapore.
He includes that the dimension of the strata workplace floor plate makes it flexible for community or amalgamation into units that can fit the room conditions of inbound lessees or self-use. “The entire floor also consists of 3 personal strata titles, providing opportunity for near future divestment as different strata units,” claims Wong.
Suntec City is a centrally located incorporated development that consists of five Grade-An office towers, a retail shopping mall and an event hub.
