Strata office floor at Suntec Tower 1 for sale at $41.8 mil
An entire workplace floor on the 31st floor of Suntec Tower 1 has been put on the market with an overview cost of $41.8 million. According to the unique promotion agent PropNex, the property consists of three individual strata titles and is offered for sale by means of exclusive treaty. At a consolidated strata location of 12,282 sq ft, this works out to a guide cost of $3,403 psf.
Lim claims that Suntec City strata office spaces, specifically high-floor units, often tend to appreciate strong appeal from clients and tenants thanks to their central site, vast industrial offers on-site and availability.
The workplace units have a 99-year leasehold from 1989, with a remaining lease of approximately 64 years. They are completely tenanted until October 2025, offering immediate monthly rent revenue of greater than $130,000, claims Henry Lim, affiliate district branch supervisor of PropNex. The occupant has expressed interest in expanding the contract, he includes.
Suntec Tower 1 is just one of 5 workplace towers in the Suntec City development on 7 Temasek Boulevard. The property development also makes up a retail mall and event hub. Found inside of the CBD, it is serviced by 3 MRT lines via the Esplanade, Promenade and City Hall MRT Stations.
Immigrants and firms are qualified to purchase commercial estate without paying for additional purchaser’s or vendor’s stamp responsibility.
The three strata units are in between 3,735 and 4,758 sq ft. Lim mentions that the incoming proprietor has the versatility to make the entire storey as it is, or unload the units independently later on.
Thus far this year, the project has seen a total amount of five deals varying between $3,200 psf and $3,817 psf, based upon caveats lodged.
Based upon URA caveats, the workplace units were purchased in June 2011 at $30.27 million. The initial unit measuring 4,758 sq ft was purchased about $11.7 million. The 2nd unit of 3,735 sq ft was bought at $9.2 million, whilst the third unit taking up 3,789 sq ft was transacted at $9.34 million. All 3 units were transacted at $2,465 psf based upon floor surface area.
One of the most current deal was in June, when a 3,079 sq ft strata office unit on the 37th storey changed hands for $11.5 million, or $3,736 psf.
This is the second office space floor at Suntec Tower 1 that has been put up for sale this month. On July 10, a full strata workplace ground on the 27th storey was put up on the market at an indicative price of $42.8 million. With a floor area of 12,045 sq ft, this converts into a guide price of $3,553 psf. JLL is advertising the workplace floor using an expression of interest activity that closes on Aug 20.
