Office floor at Suntec Tower 1 for sale at $42.8 mil
The place benefits from straight entry to close-by MRT stations 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 freeways including the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
JLL is marketing the purchase of the office level through an expression of interest (EOI) exercise that finalizes on Aug 20. The sale is open to foreign buyers and organizations, and the additional customer’s stamp obligation and seller’s stamp obligation are not applicable for this transaction.
The strata office level has a normal and flexible floor-plate design that includes seven specific units. It is presently partly tenanted and will most likely be marketed with existing occupancies.
Suntec City is a centrally located incorporated development that comprises 5 Grade-A workplace towers, a retail shopping center and a convention center.
An entire strata office space floor at Suntec Tower 1, in Suntec City, has been put up for sale at an indicative guide rate of $42.8 million. The floor plate has an overall strata floor space of 12,045 sq ft, and the guide value converts to $3,553 psf.
He includes that the dimension of the strata office floor plate makes it manageable for neighborhood or amalgamation within units that can suit the room guidelines of arriving occupants or self-use. “The whole storey even consists of three private strata titles, offering chance for future divestment as different strata units,” says Wong.
“Demand for strata office space assets in Suntec City stays robust, with limited quantity of Grade-An office complex meeting the marketplace’s demand for attributes such as drop-off points, parking lot, scenery, and services,” states Wong.
The office ground on the marketplace includes all-round scenery of the Marina Bay location and the neighboring city skyline.
Recent office space unit deals at Suntec City included the sale of a 3,078 sq ft unit on the 37th storey of Tower 1 that changed 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 settled for $15.3 million ($3,200 psf) on June 7.
This offers the new proprietor with the flexibility to occupy the property as an investment decision, completely renting it out for hire, or moving in as a landlord-occupier, claims Terry Wong, higher director, Capital Markets, JLL Singapore.
Last December, a 10,312 sq ft penthouse office floor on the 44th floor of Suntec City Tower 3 was yielded $36.23 million ($3,513 psf). This deal was sealed by Wong of JLL.
According to market resources, the facility ground available for sale is on the 27th floor. Resale cautions indicate that the entire office floor was last acquired for $31.72 million ($2,634 psf) in June 2021.