Office floor at Suntec Tower 1 for sale at $42.8 mil
Last December, a 10,312 sq ft penthouse office ground on the 44th level of Suntec City Tower 3 was sold for $36.23 million ($3,513 psf). This deal was sealed by Wong of JLL.
Suntec City is a centrally located integrated development that consists of 5 Grade-An office towers, a retail mall and an event center.
This supplies the new owner with the adaptability to use up the possession as an investment decision, totally subleasing it out for hire, or relocating as a landlord-occupier, says Terry Wong, senior supervisor, Funding Markets, JLL Singapore.
The location benefits from straight entry to nearby MRT stations such as Promenade (Circle and Midtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also connected to significant highways including the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
“Demand for strata office space properties in Suntec City stays strong, with small amount of Grade-An office complex meeting the marketplace’s need for characteristics such as drop-off parts, parking area, scenery, and facilities,” claims Wong.
A complete strata office space ground at Suntec Tower 1, in Suntec City, has been put up for sale at a suggestive guide rate of $42.8 million. The flooring plate has a total strata floor space of 12,045 sq ft, and the guide price translates to $3,553 psf.
The workplace floor on the marketplace includes all-round scenery of the Marina Bay area and the surrounding city skyline.
One Bernam MCC Land and HY Realty
The strata workplace level has a standard and versatile floor-plate style that encompasses 7 private units. It is presently somewhat tenanted and are going to be offered with existing occupancies.
He adds that the size of the strata workplace flooring plate makes it versatile for community or combinations into units that can fit the room requirements of inbound tenants or self-use. “The entire floor additionally makes up three individual strata titles, supplying chance for future divestment as separate strata units,” claims Wong.
Recent office unit purchases at Suntec City featured the sale of a 3,078 sq ft unit on the 37th floor of Tower 1 that changed hands for $11.5 million ($3,736 psf) on June 20. Meanwhile, a 4,779 sq ft unit on the 22nd level of Tower 3 was settled for $15.3 million ($3,200 psf) on June 7.
According to industry resources, the facility storey offer for sale is on the 27th floor. Reselling cautions indicate that the entire workplace ground was last acquired for $31.72 million ($2,634 psf) in June 2021.
JLL is marketing the transaction of the office level via an expression of interest (EOI) exercise that closes on Aug 20. The sale is open to international buyers and organizations, and the added buyer’s stamp duty and vendor’s stamp duty are not applied for this deal.
