Office floor at Suntec Tower 1 for sale at $42.8 mil
Recent office unit transactions at Suntec City featured the sale of a 3,078 sq ft unit on the 37th floor of Tower 1 that shifted hands for $11.5 million ($3,736 psf) on June 20. On the other hand, 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.
The workplace ground on the marketplace includes overall scenery of the Marina Bay zone and the neighboring city sky line.
A whole strata workplace level at Suntec Tower 1, in Suntec City, has been offered at a suggestive guide cost of $42.8 million. The flooring plate has a total strata floor surface space of 12,045 sq ft, and the overview value converts to $3,553 psf.
JLL is marketing the transaction of the workplace floor via an expression of interest (EOI) exercise that finalizes on Aug 20. The sale is open to international clients and organizations, and the additional customer’s stamp obligation and vendor’s stamp obligation are not suitable for this deal.
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 offer was secured by Wong of JLL.
According to market sources, the facility ground available is on the 27th level. Resale cautions show that the whole workplace floor was last purchased for $31.72 million ($2,634 psf) in June 2021.
This offers the new owner with the flexibility to take up the asset as an investment, fully subleasing it out for rental, or moving in as a landlord-occupier, says Terry Wong, senior director, Resources Markets, JLL Singapore.
The area benefits from straight accessibility to neighboring MRT stations such as Promenade (Circle and Midtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also connected to significant freeways including the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
Suntec City is a centrally located integrated development that makes up 5 Grade-A workplace towers, a retail shopping center and a convention facility.
“Demand for strata office properties in Suntec City remains strong, with limited amount of Grade-An office buildings meeting the marketplace’s demand for characteristics like drop-off points, parking lot, views, and features,” says Wong.
The strata office floor has a normal and flexible floor-plate style that incorporates 7 individual units. It is presently somewhat tenanted and will be marketed with existing occupancies.
He adds that the dimension of the strata office floor plate makes it adjustable for neighborhood or combinations in to units that can suit the room requirements of incoming lessees or self-use. “The entire storey additionally consists of 3 private strata titles, offering chance for future divestment as separate strata units,” states Wong.
