Strata office floor at Suntec Tower 1 for sale at $41.8 mil
The office units have a 99-year leasehold from 1989, with a remaining lease of about 64 years. They are completely tenanted up until October 2025, giving immediate month-to-month leasing income of greater than $130,000, claims Henry Lim, associate district branch supervisor of PropNex. The occupant has shared interest in expanding the contract, he includes.
So far this year, the project has actually seen a total of 5 deals ranging between $3,200 psf and $3,817 psf, based on cautions lodged.
Based upon URA caveats, the workplace units were acquired in June 2011 at $30.27 million. The first unit figuring 4,758 sq ft was bought at around $11.7 million. The second unit of 3,735 sq ft was purchased at $9.2 million, whereas the 3rd unit covering 3,789 sq ft was transacted at $9.34 million. All three units were settled at $2,465 psf based upon floor surface area.
The 3 strata units are between 3,735 and 4,758 sq ft. Lim mentions that the incoming proprietor has the flexibility to keep the entire level as it is, or unload the units separately in the future.
This is the second office level at Suntec Tower 1 that has actually been put up for sale this month. On July 10, a complete strata office floor on the 27th storey was put up on the marketplace at an indicative rate of $42.8 million. With a floor location of 12,045 sq ft, this converts right into an overview price of $3,553 psf. JLL is promoting the office floor using an expression of interest exercise that closes up on Aug 20.
Lim says that Suntec City strata workplace, particularly high-floor units, tend to enjoy solid demand from buyers and occupiers because of their main location, vast commercial offers on-site and access.
A whole workplace level on the 31st floor of Suntec Tower 1 has been sold with a guide rate of $41.8 million. According to the exclusive advertising and marketing broker PropNex, the real estate comprises 3 single strata titles and is offered for sale via nonpublic treaty. At a mixed strata area of 12,282 sq ft, this works out to a guide price of $3,403 psf.
Marina View Residences condominium
One of the most current transaction remained 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.
Suntec Tower 1 is one of five workplace towers in the Suntec City development on 7 Temasek Boulevard. The property development also comprises a retail shopping center and convention center. Situated inside the CBD, it is served by three MRT lines via the Esplanade, Promenade and City Hall MRT Stations.
Foreigners and business are qualified to purchase commercial estate without spending for additional buyer’s or vendor’s stamp obligation.
