Office floor at Suntec Tower 1 for sale at $42.8 mil
JLL is promoting the purchase of the office level through an expression of interest (EOI) exercise that closes on Aug 20. The sale is open to foreign buyers and entities, and the additional customer’s stamp obligation and vendor’s stamp responsibility are not applied for this deal.
Suntec City is a centrally located incorporated development that makes up 5 Grade-An office towers, a retail shopping center and a convention facility.
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 shifted hands for $11.5 million ($3,736 psf) on June 20. On the other hand, 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.
This provides the brand-new owner with the flexibility to use up the property as an investment, fully subleasing it out for hire, or moving in as a landlord-occupier, claims Terry Wong, higher director, Funding Markets, JLL Singapore.
The strata workplace level has a standard and versatile floor-plate layout that encompasses seven specific units. It is currently partly tenanted and are going to be sold with existing occupancies.
“Need for strata office space properties in Suntec City continues to be sturdy, with minimal amount of Grade-An office buildings fulfilling the market’s demand for characteristics like drop-off points, parking area, scenery, and facilities,” states Wong.
A complete strata workplace floor at Suntec Tower 1, in Suntec City, has been offered at a suggestive guide rate of $42.8 million. The floor covering plate has an overall strata floor surface area of 12,045 sq ft, and the overview price translates to $3,553 psf.
According to market resources, the facility ground up for sale is on the 27th ground. Resale cautions suggest that the entire workplace ground was last acquired for $31.72 million ($2,634 psf) in June 2021.
The workplace ground on the market includes all-round sights of the Marina Bay location and the neighboring city skyline.
The location benefits from direct access to neighboring MRT stops such as Promenade (Circle and Downtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also attached to significant highways such as the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
He includes that the dimension of the strata office flooring plate makes it versatile for subdivision or combinations into units that can accommodate the room requirements of incoming renters or self-use. “The whole storey also comprises three individual strata titles, supplying possibility for future divestment as separate strata units,” states Wong.
Last December, a 10,312 sq ft penthouse office ground on the 44th level of Suntec City Tower 3 was brought $36.23 million ($3,513 psf). This deal was secured by Wong of JLL.
