Office floor at Suntec Tower 1 for sale at $42.8 mil
The place benefits from direct access to close-by MRT terminals such as Promenade (Circle and Downtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also connected to major highways such as the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
According to market resources, the office ground for sale is on the 27th ground. Reselling cautions indicate that the entire office floor was last acquired for $31.72 million ($2,634 psf) in June 2021.
The strata workplace floor has a standard and flexible floor-plate style that includes seven private units. It is presently somewhat tenanted and are going to be offered with existing occupancies.
JLL is advertising the transaction of the workplace floor with an expression of interest (EOI) activity that closes on Aug 20. The sale is open to overseas customers and entities, and the extra purchaser’s stamp responsibility and seller’s stamp duty are not suitable for this transaction.
He adds that the size of the strata office flooring plate makes it flexible for subdivision or amalgamation in to units that can fit the space requirements of arriving occupants or self-use. “The entire level even comprises three private strata titles, supplying possibility for future divestment as separate strata units,” claims Wong.
This offers the new owner with the adaptability to take up the possession as an investment decision, fully subleasing it out for rental, or moving in as a landlord-occupier, says Terry Wong, senior supervisor, Capital Markets, JLL Singapore.
Last December, a 10,312 sq ft penthouse office ground on the 44th floor of Suntec City Tower 3 was brought $36.23 million ($3,513 psf). This offer was closed by Wong of JLL.
A full strata office level at Suntec Tower 1, in Suntec City, has been put up for sale 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 equates to $3,553 psf.
The office ground on the market includes all-round sights of the Marina Bay area and the surrounding city skyline.
Recent office unit transactions at Suntec City included the sale of a 3,078 sq ft unit on the 37th floor 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 negotiated for $15.3 million ($3,200 psf) on June 7.
“Need for strata office space properties in Suntec City stays robust, with small amount of Grade-An office complex satisfying the market’s need for attributes like drop-off points, parking lot, sights, and facilities,” says Wong.
Suntec City is a centrally located incorporated development that consists of five Grade-A workplace towers, a retail shopping center and an event hub.
