Office floor at Suntec Tower 1 for sale at $42.8 mil
JLL is advertising the sale of the workplace floor with an expression of interest (EOI) exercise that closes on Aug 20. The sale is open to international clients and companies, and the added customer’s stamp duty and seller’s stamp obligation are not applicable for this transaction.
A complete strata office space floor at Suntec Tower 1, in Suntec City, has recently been put up for sale at an indicative guide rate of $42.8 million. The floor covering plate has an overall strata floor area of 12,045 sq ft, and the guide value equates to $3,553 psf.
This gives the new owner with the flexibility to use up the property as an investment decision, completely subleasing it out for lease, or moving in as a landlord-occupier, says Terry Wong, top supervisor, Capital Markets, JLL Singapore.
The strata workplace floor has a normal and adaptable floor-plate style that includes 7 specific units. It is presently partially tenanted and are going to be sold with existing occupancies.
According to market sources, the facility floor for sale is on the 27th floor. Resale cautions indicate that the entire workplace ground was last bought for $31.72 million ($2,634 psf) in June 2021.
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 closed by Wong of JLL.
He includes that the dimension of the strata office flooring plate makes it flexible for community or amalgamation into units that can accommodate the area guidelines of incoming occupants or self-use. “The entire level even consists of three private strata titles, offering opportunity for future divestment as separate strata units,” states Wong.
Suntec City is a centrally located incorporated growth that comprises five Grade-A workplace towers, a retail shopping center and an event center.
Recent workplace unit transactions 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. At the same time, a 4,779 sq ft unit on the 22nd flooring of Tower 3 was transacted for $15.3 million ($3,200 psf) on June 7.
The workplace floor on the marketplace features all-round scenery of the Marina Bay zone and the neighboring city skyline.
The location benefits from direct accessibility to neighboring MRT terminals such as Promenade (Circle and Downtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also attached to significant highways such as the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
“Demand for strata office space assets in Suntec City continues to be strong, with small amount of Grade-An office buildings meeting the market’s need for attributes like drop-off points, parking lot, viewpoints, and features,” states Wong.
