Strata office floor at Suntec Tower 1 for sale at $41.8 mil
The most current deal was in June, when a 3,079 sq ft strata office unit on the 37th storey switched hands for $11.5 million, or $3,736 psf.
Based upon URA caveats, the workplace units were acquired in June 2011 at $30.27 million. The first unit figuring 4,758 sq ft was bought at about $11.7 million. The 2nd unit of 3,735 sq ft was purchased at $9.2 million, whilst the 3rd unit taking up 3,789 sq ft was settled at $9.34 million. All three units were transacted at $2,465 psf based upon floor surface area.
The 3 strata units are in between 3,735 and 4,758 sq ft. Lim mentions that the newly arriving owner has the versatility to make the whole storey as it is, or divest the units individually in the future.
An over-all workplace level on the 31st floor of Suntec Tower 1 has been put on the market with a guide rate of $41.8 million. According to the unique promotion broker PropNex, the real estate makes up three individual strata titles and is readily available to sell by means of exclusive treaty. At a combined strata location of 12,282 sq ft, this figures out to a guide rate of $3,403 psf.
The workplace units have a 99-year leasehold from 1989, with a standing lease of approximately 64 years. They are completely tenanted until October 2025, offering immediate regular monthly rent income of much more than $130,000, claims Henry Lim, associate area branch administrator of PropNex. The renter has actually expressed interest in expanding the contract, he adds.
So far this year, the development has observed a total of 5 transactions varying between $3,200 psf and $3,817 psf, based on caveats lodged.
Immigrants and business are eligible to acquire industrial estate without paying for additional buyer’s or seller’s stamp responsibility.
Suntec Tower 1 is one of five office towers in the Suntec City development on 7 Temasek Boulevard. The development also consists of a retail mall and convention centre. Situated inside of the CBD, it is served by three MRT lines through the Esplanade, Promenade and City Hall MRT Stations.
This is the second office space level at Suntec Tower 1 that has actually been put up for sale this month. On July 10, a full strata workplace ground on the 27th storey was put up on the market at a suggestive cost of $42.8 million. With a floor area of 12,045 sq ft, this equates into a guide rate of $3,553 psf. JLL is advertising the office floor using an expression of interest activity that finalizes on Aug 20.
Lim states that Suntec City strata office, specifically high-floor units, tend to appreciate solid interest from clients and tenants thanks to their main location, wide business services on-site and access.
