Strata office floor at Suntec Tower 1 for sale at $41.8 mil
The three strata units are between 3,735 and 4,758 sq ft. Lim mentions that the incoming proprietor has the flexibility to keep the whole level as it is, or unload the units separately later on.
This is the 2nd office storey at Suntec Tower 1 that has actually been put up for sale this month. On July 10, a full strata office floor on the 27th floor was put up on the marketplace at a suggestive price of $42.8 million. With a floor location of 12,045 sq ft, this converts into an overview cost of $3,553 psf. JLL is promoting the office floor via an expression of interest activity that closes on Aug 20.
Based upon URA caveats, the office units were bought in June 2011 at $30.27 million. The very first unit figuring 4,758 sq ft was purchased about $11.7 million. The 2nd unit of 3,735 sq ft was acquired at $9.2 million, whilst the third unit covering 3,789 sq ft was settled at $9.34 million. All three units were negotiated at $2,465 psf based upon floor surface area.
An over-all office ground on the 31st storey of Suntec Tower 1 has been sold with a guide price of $41.8 million. According to the special promotion agent PropNex, the property makes up 3 separate strata titles and is readily available for sale via exclusive treaty. At a combined strata area of 12,282 sq ft, this figures out to a guide rate of $3,403 psf.
Suntec Tower 1 is one of five office towers in the Suntec City property development on 7 Temasek Boulevard. The development even makes up a retail mall and convention hub. Found inside of the CBD, it is serviced by three MRT lines by using the Esplanade, Promenade and City Hall MRT Stations.
Foreigners and firms are eligible to buy commercial real estate without spending for additional customer’s or vendor’s stamp obligation.
One of the most recent transaction was in June, when a 3,079 sq ft strata office unit on the 37th ground changed hands for $11.5 million, or $3,736 psf.
The workplace units have a 99-year leasehold from 1989, with a going on lease of approximately 64 years. They are totally tenanted till October 2025, providing instant regular monthly rent earnings of greater than $130,000, says Henry Lim, associate district branch director of PropNex. The lessee has expressed interest in prolonging the rent, he adds.
Thus far this year, the development has viewed a total of 5 transactions varying between $3,200 psf and $3,817 psf, based upon cautions lodged.
Lim claims that Suntec City strata office spaces, particularly high-floor units, tend to enjoy solid demand from buyers and occupiers thanks to their main location, broad commercial offers on-site and access.