Office floor at Suntec Tower 1 for sale at $42.8 mil
A complete strata office level at Suntec Tower 1, in Suntec City, has definitely been offered at an indicative overview rate of $42.8 million. The floor plate has an overall strata floor space of 12,045 sq ft, and the overview value converts to $3,553 psf.
“Need for strata office assets in Suntec City remains sturdy, with limited supply of Grade-An office buildings meeting the marketplace’s demand for attributes such as drop-off places, car parks, views, and amenities,” claims Wong.
The workplace ground on the market features all-round sights of the Marina Bay zone and the neighboring city sky line.
Recent office space unit transactions at Suntec City included the sale of a 3,078 sq ft unit on the 37th storey of Tower 1 that switched hands for $11.5 million ($3,736 psf) on June 20. At the same time, a 4,779 sq ft unit on the 22nd flooring of Tower 3 was settled for $15.3 million ($3,200 psf) on June 7.
Suntec City is a centrally located integrated development that consists of 5 Grade-A workplace towers, a retail shopping mall and a convention facility.
The strata workplace floor has a standard and adaptable floor-plate layout that includes seven private units. It is presently partially tenanted and are going to be sold with existing tenancies.
According to industry sources, the facility storey offer for sale is on the 27th level. Resale caveats indicate that the entire workplace floor was last bought for $31.72 million ($2,634 psf) in June 2021.
JLL is marketing the sale of the office floor through an expression of interest (EOI) exercise that finalizes on Aug 20. The sale is open to overseas customers and entities, and the additional purchaser’s stamp duty and vendor’s stamp duty are not applicable for this deal.
Last December, a 10,312 sq ft penthouse office ground on the 44th floor of Suntec City Tower 3 was brought $36.23 million ($3,513 psf). This deal was sealed by Wong of JLL.
He adds that the size of the strata workplace floor plate makes it manageable for community or amalgamation in to units that can suit the room guidelines of inbound renters or self-use. “The entire storey also consists of 3 individual strata titles, giving chance for future divestment as separate strata units,” says Wong.
This offers the brand-new owner with the adaptability to occupy the asset as an investment, totally leasing it out for lease, or moving in as a landlord-occupier, claims Terry Wong, higher supervisor, Resources Markets, JLL Singapore.
The location benefits from straight entry to close-by 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 major highways including the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
