Strata office floor at Suntec Tower 1 for sale at $41.8 mil
The workplace units have a 99-year leasehold from 1989, with a going on lease of approximately 64 years. They are completely tenanted up until October 2025, offering immediate month-to-month leasing earnings of more than $130,000, says Henry Lim, associate area branch administrator of PropNex. The tenant has actually shown interest in extending the rent, he includes.
Foreigners and companies are qualified to acquire business real estate without paying for additional customer’s or vendor’s stamp obligation.
This is the second workplace storey at Suntec Tower 1 that has been offered this month. On July 10, a complete strata workplace ground on the 27th storey was put up on the marketplace at a suggestive price of $42.8 million. With a floor surface location of 12,045 sq ft, this equates right into a guide price of $3,553 psf. JLL is advertising the office level via an expression of interest activity that finalizes on Aug 20.
Suntec Tower 1 is among 5 workplace towers in the Suntec City development on 7 Temasek Blvd. The development even makes up a retail shopping mall and event centre. Situated inside the CBD, it is catered to by three MRT lines by using the Esplanade, Promenade and City Hall MRT Stations.
The 3 strata units are in between 3,735 and 4,758 sq ft. Lim mentions that the incoming proprietor has the flexibility to maintain the entire floor as it is, or divest the units separately down the road.
Thus far this year, the development has actually observed a total of 5 transactions varying in between $3,200 psf and $3,817 psf, based on caveats lodged.
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.
An over-all workplace ground on the 31st floor of Suntec Tower 1 has actually been put on the market with an overview rate of $41.8 million. According to the exclusive promotion broker PropNex, the real property makes up 3 individual strata titles and is offered to sell using nonpublic treaty. At a consolidated strata area of 12,282 sq ft, this figures out to a guide cost of $3,403 psf.
Based upon URA caveats, the office units were bought in June 2011 at $30.27 million. The initial unit measuring 4,758 sq ft was bought at around $11.7 million. The 2nd unit of 3,735 sq ft was purchased at $9.2 million, while the 3rd unit taking up 3,789 sq ft was transacted at $9.34 million. All 3 units were negotiated at $2,465 psf based upon floor area.
Lim says that Suntec City strata workplace, especially high-floor units, often tend to enjoy strong demand from investors and occupants thanks to their main site, large business services on-site and access.