Strata office floor at Suntec Tower 1 for sale at $41.8 mil
Suntec Tower 1 is among 5 office towers in the Suntec City property development on 7 Temasek Boulevard. The development also consists of a retail shopping mall and event center. Located inside of the CBD, it is catered to by three MRT lines through the Esplanade, Promenade and City Hall MRT Stations.
Based upon URA caveats, the office units were acquired in June 2011 at $30.27 million. The first unit measuring 4,758 sq ft was purchased about $11.7 million. The second unit of 3,735 sq ft was purchased at $9.2 million, whilst the 3rd unit occupying 3,789 sq ft was transacted at $9.34 million. All 3 units were transacted at $2,465 psf based upon floor area.
One of the most current transaction remained in June, when a 3,079 sq ft strata office unit on the 37th floor shifted hands for $11.5 million, or $3,736 psf.
Immigrants and firms are qualified to acquire commercial real estate without spending for additional purchaser’s or vendor’s stamp obligation.
This is the 2nd office level at Suntec Tower 1 that has actually been offered this month. On July 10, a complete strata workplace ground on the 27th floor was put up on the marketplace at a suggestive rate of $42.8 million. With a floor surface location of 12,045 sq ft, this equates right into an overview rate of $3,553 psf. JLL is promoting the workplace level by means of an expression of interest activity that closes on Aug 20.
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Up until now this year, the project has actually seen a total of 5 purchases ranging between $3,200 psf and $3,817 psf, based on cautions lodged.
An entire workplace floor on the 31st floor of Suntec Tower 1 has actually been offered with a guide cost of $41.8 million. According to the special marketing broker PropNex, the real property consists of three individual strata titles and is offered to sell through nonpublic treaty. At a mixed strata location of 12,282 sq ft, this figures out to an overview cost of $3,403 psf.
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 floor as it is, or divest the units individually later on.
The office units have a 99-year leasehold from 1989, with a going on lease of approximately 64 years. They are completely tenanted until October 2025, supplying prompt month-to-month rental income of greater than $130,000, says Henry Lim, associate district branch supervisor of PropNex. The tenant has actually expressed interest in expanding the lease, he includes.
Lim states that Suntec City strata office spaces, especially high-floor units, have a tendency to relish solid appeal from buyers and tenants due to their main venue, large business services on-site and availability.
