Office floor at Suntec Tower 1 for sale at $42.8 mil
A full strata office ground at Suntec Tower 1, in Suntec City, has recently been put up for sale at an indicative overview rate of $42.8 million. The floor plate has a total strata floor area of 12,045 sq ft, and the guide value translates to $3,553 psf.
The location benefits from straight accessibility 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 major freeways including the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
According to industry resources, the office storey available is on the 27th level. Reselling caveats show that the whole office ground was last acquired for $31.72 million ($2,634 psf) in June 2021.
The strata workplace level has a normal and versatile floor-plate design that encompasses seven individual units. It is currently partly tenanted and will most likely be marketed with existing tenancies.
Recent workplace unit purchases at Suntec City featured the sale of a 3,078 sq ft unit on the 37th ground of Tower 1 that switched hands for $11.5 million ($3,736 psf) on June 20. Meanwhile, a 4,779 sq ft unit on the 22nd flooring of Tower 3 was transacted for $15.3 million ($3,200 psf) on June 7.
“Demand for strata workplace properties in Suntec City remains strong, with small amount of Grade-An office buildings satisfying the marketplace’s need for attributes such as drop-off parts, parking area, views, and facilities,” claims Wong.
This provides the brand-new proprietor with the adaptability to use up the possession as an investment decision, totally renting it out for rent, or relocating as a landlord-occupier, says Terry Wong, senior supervisor, Capital Markets, JLL Singapore.
Suntec City is a centrally located incorporated growth that comprises 5 Grade-An office towers, a retail mall and an event hub.
JLL is marketing the purchase of the workplace level via an expression of interest (EOI) exercise that finalizes on Aug 20. The sale is open to foreign clients and organizations, and the additional purchaser’s stamp responsibility and vendor’s stamp obligation are not applied for this transaction.
Last December, a 10,312 sq ft penthouse office floor on the 44th floor of Suntec City Tower 3 was brought $36.23 million ($3,513 psf). This offer was secured by Wong of JLL.
The workplace floor on the market features all-round scenery of the Marina Bay spot and the surrounding city horizon.
He includes that the size of the strata workplace floor plate makes it manageable for subdivision or amalgamation in to units that can accommodate the area conditions of incoming tenants or self-use. “The whole floor also makes up 3 individual strata titles, supplying opportunity for potential divestment as different strata units,” says Wong.
