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 yielded $36.23 million ($3,513 psf). This deal was sealed by Wong of JLL.
The workplace ground on the marketplace includes all-round views of the Marina Bay area and the neighboring city skyline.
Suntec City is a centrally located incorporated advancement that consists of five Grade-A workplace towers, a retail shopping center and a convention centre.
The strata office level has a normal and versatile floor-plate layout that encompasses seven specific units. It is presently somewhat tenanted and will be marketed with existing occupancies.
Recent workplace unit purchases at Suntec City included the sale of a 3,078 sq ft unit on the 37th storey of Tower 1 that changed hands for $11.5 million ($3,736 psf) on June 20. On the other hand, a 4,779 sq ft unit on the 22nd floor of Tower 3 was transacted for $15.3 million ($3,200 psf) on June 7.
He includes that the dimension of the strata workplace flooring plate makes it manageable for community or amalgamation within units that can accommodate the area requirements of incoming occupants or self-use. “The whole level even makes up 3 private strata titles, supplying possibility for future divestment as separate strata units,” says Wong.
An entire strata office space level at Suntec Tower 1, in Suntec City, has been offered at a suggestive guide cost of $42.8 million. The floor covering plate has a complete strata floor surface space of 12,045 sq ft, and the guide price translates to $3,553 psf.
“Need for strata office properties in Suntec City stays strong, with limited amount of Grade-An office buildings satisfying the market’s need for attributes such as drop-off places, parking lot, views, and services,” states Wong.
JLL is marketing the purchase of the office floor via an expression of interest (EOI) activity that closes up on Aug 20. The sale is open to international customers and entities, and the additional purchaser’s stamp obligation and seller’s stamp obligation are not suitable for this transaction.
This gives the new proprietor with the versatility to take up the asset as an investment decision, completely subleasing it out for rental, or moving in as a landlord-occupier, states Terry Wong, senior director, Funding Markets, JLL Singapore.
According to market resources, the facility storey for sale is on the 27th ground. Resale cautions indicate that the entire office floor was last acquired for $31.72 million ($2,634 psf) in June 2021.
The location benefits from straight entry to close-by MRT terminals such as Promenade (Circle and Midtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also linked to significant highways like the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
