Office floor at Suntec Tower 1 for sale at $42.8 mil
Suntec City is a centrally located integrated development that consists of five Grade-An office towers, a retail shopping center and a convention centre.
This supplies the new proprietor with the flexibility to occupy the property as an investment, fully renting it out for rental, or relocating as a landlord-occupier, claims Terry Wong, higher supervisor, Capital Markets, JLL Singapore.
A whole strata workplace level at Suntec Tower 1, in Suntec City, has been offered at an indicative overview price of $42.8 million. The flooring plate has a complete strata floor space of 12,045 sq ft, and the guide value converts to $3,553 psf.
“Need for strata office assets in Suntec City remains strong, with limited quantity of Grade-An office buildings satisfying the marketplace’s need for attributes such as drop-off parts, car parks, views, and amenities,” says Wong.
Recent workplace unit deals at Suntec City included the sale of a 3,078 sq ft unit on the 37th ground 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 level of Tower 3 was negotiated for $15.3 million ($3,200 psf) on June 7.
He includes that the dimension of the strata workplace floor plate makes it versatile for subdivision or amalgamation into units that can suit the room requirements of arriving tenants or self-use. “The entire level also makes up 3 individual strata titles, supplying possibility for future divestment as different strata units,” claims Wong.
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 offer was sealed by Wong of JLL.
The office floor on the market features all-round scenery of the Marina Bay zone and the neighboring city skyline.
The place benefits from straight access to close-by MRT terminals such as Promenade (Circle and Midtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also attached to major highways like the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
According to industry resources, the facility storey up for sale is on the 27th ground. Reselling caveats suggest that the entire office ground was last acquired for $31.72 million ($2,634 psf) in June 2021.
JLL is advertising the transaction of the office floor through an expression of interest (EOI) activity that closes up on Aug 20. The sale is open to international buyers and organizations, and the extra buyer’s stamp duty and vendor’s stamp duty are not applicable for this deal.
The strata workplace floor has a standard and adaptable floor-plate design that includes seven private units. It is presently partially tenanted and are going to be sold with existing occupancies.