Strata office floor at Suntec Tower 1 for sale at $41.8 mil
The office space units have a 99-year leasehold from 1989, with a going on lease of approximately 64 years. They are fully tenanted till October 2025, giving immediate regular monthly leasing revenue of more than $130,000, states Henry Lim, associate area branch supervisor of PropNex. The lessee has shown interest in prolonging the contract, he adds.
Suntec Tower 1 is among five office towers in the Suntec City property development on 7 Temasek Blvd. The property development even makes up a retail shopping mall and event hub. Found within the CBD, it is serviced by three MRT lines by using the Esplanade, Promenade and City Hall MRT Stations.
Lim claims that Suntec City strata workplace, specifically high-floor units, have a tendency to enjoy strong appeal from investors and tenants thanks to their central site, vast commercial services on-site and access.
Based upon URA caveats, the workplace units were acquired in June 2011 at $30.27 million. The initial unit measuring 4,758 sq ft was bought at around $11.7 million. The 2nd unit of 3,735 sq ft was bought at $9.2 million, whilst the third unit covering 3,789 sq ft was settled at $9.34 million. All 3 units were transacted at $2,465 psf based on floor surface area.
So far this year, the project has actually viewed a total of 5 purchases ranging in between $3,200 psf and $3,817 psf, based on caveats lodged.
Foreigners and companies are suitable to purchase business real estate without spending for additional purchaser’s or vendor’s stamp obligation.
The three strata units are between 3,735 and 4,758 sq ft. Lim indicates that the newly arriving proprietor has the adaptability to keep the entire level as it is, or unload the units separately in the future.
The most recent purchase was in June, when a 3,079 sq ft strata office unit on the 37th ground changed hands for $11.5 million, or $3,736 psf.
This is the second workplace storey at Suntec Tower 1 that has actually been offered this month. On July 10, a full strata office ground on the 27th floor was put up on the market at an indicative rate of $42.8 million. With a floor area of 12,045 sq ft, this converts into a guide rate of $3,553 psf. JLL is marketing the workplace floor by means of an expression of interest activity that closes on Aug 20.
A whole workplace level on the 31st floor of Suntec Tower 1 has actually been offered with an overview price of $41.8 million. According to the special advertising and marketing agent PropNex, the real estate comprises 3 individual strata titles and is available to sell via exclusive treaty. At a consolidated strata area of 12,282 sq ft, this figures out to a guide cost of $3,403 psf.
