Office floor at Suntec Tower 1 for sale at $42.8 mil
JLL is marketing the sale of the office level via an expression of interest (EOI) exercise that closes on Aug 20. The sale is open to international investors and organizations, and the extra buyer’s stamp responsibility and seller’s stamp duty are not applicable for this purchase.
The strata office floor has a standard and versatile floor-plate style that includes 7 individual units. It is presently partially tenanted and are going to be sold with existing tenancies.
A full strata office level at Suntec Tower 1, in Suntec City, has been put up for sale at a suggestive guide cost of $42.8 million. The floor plate has a complete strata floor space of 12,045 sq ft, and the overview value equates to $3,553 psf.
Suntec City is a centrally located incorporated growth that comprises 5 Grade-A workplace towers, a retail mall and a convention facility.
“Need for strata workplace assets in Suntec City stays strong, with small quantity of Grade-An office complex fulfilling the marketplace’s need for characteristics like drop-off parts, car parks, sights, and features,” says Wong.
According to market sources, the office ground available for sale is on the 27th floor. Reselling caveats indicate that the whole office ground was last acquired for $31.72 million ($2,634 psf) in June 2021.
The workplace ground on the marketplace includes overall scenery of the Marina Bay area and the neighboring city skyline.
Recent office unit purchases at Suntec City included the sale of a 3,078 sq ft unit on the 37th storey 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 level of Tower 3 was transacted for $15.3 million ($3,200 psf) on June 7.
Last December, a 10,312 sq ft penthouse office ground on the 44th level of Suntec City Tower 3 was brought $36.23 million ($3,513 psf). This deal was sealed by Wong of JLL.
The location benefits from straight access to nearby MRT stops such as Promenade (Circle and Midtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also linked to significant freeways such as the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
This supplies the new proprietor with the flexibility to use up the possession as an investment decision, fully leasing it out for hire, or moving in as a landlord-occupier, says Terry Wong, top supervisor, Funding Markets, JLL Singapore.
He includes that the dimension of the strata workplace flooring plate makes it versatile for neighborhood or combinations in to units that can accommodate the area guidelines of incoming renters or self-use. “The entire level even consists of three private strata titles, giving opportunity for future divestment as separate strata units,” says Wong.
