Office floor at Suntec Tower 1 for sale at $42.8 mil
Suntec City is a centrally located incorporated development that consists of 5 Grade-A workplace towers, a retail shopping mall and a convention hub.
Recent office unit deals 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 level of Tower 3 was transacted for $15.3 million ($3,200 psf) on June 7.
According to market sources, the facility ground available is on the 27th level. Reselling cautions suggest that the entire workplace floor was last purchased for $31.72 million ($2,634 psf) in June 2021.
“Need for strata workplace assets in Suntec City remains sturdy, with limited quantity of Grade-An office complex meeting the market’s demand for attributes like drop-off points, parking lot, sights, and features,” states Wong.
The strata workplace level has a regular and flexible floor-plate layout that incorporates seven specific units. It is presently partly tenanted and will most likely be marketed with existing occupancies.
A whole strata office space level at Suntec Tower 1, in Suntec City, has definitely been put up for sale at a suggestive overview price of $42.8 million. The floor covering plate has a complete strata floor area of 12,045 sq ft, and the overview price equates to $3,553 psf.
JLL is marketing the transaction of the office floor through an expression of interest (EOI) activity that closes on Aug 20. The sale is open to international investors and companies, and the added purchaser’s stamp responsibility and seller’s stamp duty are not suitable for this transaction.
He adds that the size of the strata workplace flooring plate makes it adjustable for community or amalgamation within units that can fit the room guidelines of incoming tenants or self-use. “The entire storey even makes up 3 personal strata titles, offering chance for potential divestment as different strata units,” claims Wong.
This supplies the new owner with the versatility to take up the possession as an investment, fully renting it out for rent, or relocating as a landlord-occupier, says Terry Wong, higher director, Resources Markets, JLL Singapore.
Last December, a 10,312 sq ft penthouse office floor on the 44th floor of Suntec City Tower 3 was brought $36.23 million ($3,513 psf). This deal was secured by Wong of JLL.
The workplace floor on the market features all-round scenery of the Marina Bay area and the neighboring city sky line.
The place benefits from straight access to nearby MRT stops such as Promenade (Circle and Downtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also connected to significant highways like the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.