Office floor at Suntec Tower 1 for sale at $42.8 mil
JLL is marketing the purchase of the workplace level through an expression of interest (EOI) exercise that finalizes on Aug 20. The sale is open to foreign buyers and entities, and the additional customer’s stamp obligation and vendor’s stamp responsibility are not applicable for this deal.
The area benefits from straight accessibility to neighboring MRT stops such as Promenade (Circle and Midtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also linked to major highways such as the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
Suntec City is a centrally located incorporated development that comprises 5 Grade-A workplace towers, a retail shopping center and an event facility.
A complete strata office space floor at Suntec Tower 1, in Suntec City, has been offered at an indicative guide cost of $42.8 million. The flooring plate has an overall strata floor surface area of 12,045 sq ft, and the guide pricing converts to $3,553 psf.
“Demand for strata office space properties in Suntec City stays robust, with limited supply of Grade-An office complex fulfilling the marketplace’s need for characteristics like drop-off places, car parks, views, and features,” says Wong.
According to market resources, the office storey for sale is on the 27th level. Reselling cautions indicate that the whole office ground was last acquired for $31.72 million ($2,634 psf) in June 2021.
He includes that the dimension of the strata office flooring plate makes it manageable for neighborhood or amalgamation into units that can fit the room guidelines of inbound occupants or self-use. “The entire level additionally consists of three personal strata titles, giving possibility for future divestment as different strata units,” states Wong.
The strata office level has a normal and adaptable floor-plate layout that encompasses seven private units. It is presently partly tenanted and will most likely be marketed with existing occupancies.
Last December, a 10,312 sq ft penthouse office ground on the 44th floor of Suntec City Tower 3 was sold for $36.23 million ($3,513 psf). This deal was sealed by Wong of JLL.
Recent office unit purchases at Suntec City featured the sale of a 3,078 sq ft unit on the 37th ground of Tower 1 that shifted hands for $11.5 million ($3,736 psf) on June 20. Meanwhile, 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 provides the brand-new proprietor with the adaptability to take up the property as an investment, completely subleasing it out for hire, or relocating as a landlord-occupier, states Terry Wong, senior supervisor, Funding Markets, JLL Singapore.
The workplace ground on the marketplace features all-round views of the Marina Bay area and the surrounding city horizon.
