Strata office floor at Suntec Tower 1 for sale at $41.8 mil
Suntec Tower 1 is among 5 workplace towers in the Suntec City property development on 7 Temasek Boulevard. The development also consists of a retail shopping center and event center. Located inside of the CBD, it is catered to by three MRT lines through the Esplanade, Promenade and City Hall MRT Stations.
This is the 2nd office space floor at Suntec Tower 1 that has been offered this month. On July 10, a full strata workplace 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 cost of $3,553 psf. JLL is marketing the office floor by means of an expression of interest activity that finalizes on Aug 20.
The office units have a 99-year leasehold from 1989, with a remaining lease of about 64 years. They are fully tenanted until October 2025, offering instant monthly rental revenue of greater than $130,000, states Henry Lim, associate district branch supervisor of PropNex. The tenant has actually expressed interest in prolonging the contract, he adds.
Based on URA caveats, the workplace units were purchased in June 2011 at $30.27 million. The first unit figuring 4,758 sq ft was purchased about $11.7 million. The second unit of 3,735 sq ft was bought at $9.2 million, while the third unit taking up 3,789 sq ft was settled at $9.34 million. All three units were settled at $2,465 psf based upon floor area.
Up until now this year, the development has seen a total amount of 5 purchases varying between $3,200 psf and $3,817 psf, based on caveats lodged.
The 3 strata units are in between 3,735 and 4,758 sq ft. Lim indicates that the newly arriving proprietor has the adaptability to make the whole level as it is, or divest the units separately in the future.
An entire workplace ground on the 31st floor of Suntec Tower 1 has actually been put on the market with a guide price of $41.8 million. According to the special marketing broker PropNex, the property makes up three single strata titles and is offered to sell via private treaty. At a consolidated strata location of 12,282 sq ft, this figures out to a guide price of $3,403 psf.
Lim claims that Suntec City strata workplace, specifically high-floor units, often tend to appreciate solid demand from clients and tenants due to their central site, broad commercial offerings on-site and access.
One of the most recent deal was in June, when a 3,079 sq ft strata office unit on the 37th storey changed hands for $11.5 million, or $3,736 psf.
Foreigners and firms are eligible to acquire industrial estate without paying for additional customer’s or seller’s stamp obligation.
