Office floor at Suntec Tower 1 for sale at $42.8 mil
An entire strata office space ground at Suntec Tower 1, in Suntec City, has recently been offered at an indicative overview rate of $42.8 million. The floor covering plate has a complete strata floor surface space of 12,045 sq ft, and the overview value translates to $3,553 psf.
JLL is advertising the purchase of the workplace level via an expression of interest (EOI) activity that closes on Aug 20. The sale is open to foreign customers and entities, and the additional buyer’s stamp responsibility and vendor’s stamp responsibility are not suitable for this deal.
The area benefits from direct access to neighboring MRT stations 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.
Suntec City is a centrally located integrated growth that makes up 5 Grade-A workplace towers, a retail shopping center and a convention center.
“Need for strata office possessions in Suntec City stays sturdy, with limited supply of Grade-An office buildings fulfilling the marketplace’s need for characteristics like drop-off parts, parking area, viewpoints, and amenities,” says Wong.
This supplies the new owner with the flexibility to use up the asset as a financial investment, completely leasing it out for hire, or moving in as a landlord-occupier, claims Terry Wong, senior director, Resources Markets, JLL Singapore.
The office floor on the market includes all-round sights of the Marina Bay area and the surrounding city sky line.
He adds that the size of the strata office flooring plate makes it manageable for neighborhood or combinations into units that can suit the room guidelines of incoming occupants or self-use. “The entire storey also consists of 3 private strata titles, supplying chance for potential 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 yielded $36.23 million ($3,513 psf). This offer was sealed by Wong of JLL.
According to industry sources, the office floor offer for sale is on the 27th floor. Reselling cautions indicate that the entire workplace floor was last bought for $31.72 million ($2,634 psf) in June 2021.
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 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 flooring of Tower 3 was settled for $15.3 million ($3,200 psf) on June 7.
The strata office floor has a regular and adaptable floor-plate design that encompasses seven specific units. It is presently partly tenanted and will most likely be offered with existing tenancies.
