Office floor at Suntec Tower 1 for sale at $42.8 mil
The location benefits from straight entry to neighboring MRT stops 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 freeways including the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
A full strata office floor at Suntec Tower 1, in Suntec City, has been offered at a suggestive guide cost of $42.8 million. The floor plate has a complete strata floor surface area of 12,045 sq ft, and the guide pricing translates to $3,553 psf.
The workplace floor on the market includes overall scenery of the Marina Bay zone and the neighboring city sky line.
He adds that the size of the strata workplace floor plate makes it versatile for neighborhood or combinations within units that can suit the area requirements of incoming renters or self-use. “The whole floor even consists of three individual strata titles, offering chance for future divestment as separate strata units,” says Wong.
JLL is marketing the sale of the office level with an expression of interest (EOI) exercise that finalizes on Aug 20. The sale is open to overseas buyers and companies, and the additional buyer’s stamp obligation and vendor’s stamp obligation are not applied for this purchase.
Suntec City is a centrally located incorporated growth that comprises five Grade-An office towers, a retail mall and a convention centre.
This provides the brand-new owner with the versatility to occupy the asset as an investment, fully subleasing it out for lease, or relocating as a landlord-occupier, states Terry Wong, top supervisor, Capital Markets, JLL Singapore.
The strata workplace floor has a regular and flexible floor-plate design that includes 7 specific units. It is currently partly tenanted and will most likely be offered with existing tenancies.
“Need for strata office properties in Suntec City continues to be strong, with limited amount of Grade-An office buildings meeting the market’s demand for characteristics such as drop-off parts, parking area, viewpoints, and amenities,” says Wong.
Last December, a 10,312 sq ft penthouse office floor on the 44th floor of Suntec City Tower 3 was sold for $36.23 million ($3,513 psf). This deal was closed by Wong of JLL.
According to industry sources, the office ground up for sale is on the 27th ground. Reselling caveats suggest that the entire workplace floor was last bought for $31.72 million ($2,634 psf) in June 2021.
Recent office unit purchases at Suntec City included 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 floor of Tower 3 was transacted for $15.3 million ($3,200 psf) on June 7.
