Office floor at Suntec Tower 1 for sale at $42.8 mil

A complete strata office space ground at Suntec Tower 1, in Suntec City, has recently been offered at a suggestive guide rate of $42.8 million. The flooring plate has a complete strata floor area of 12,045 sq ft, and the overview price translates to $3,553 psf.

According to market sources, the facility floor up for sale is on the 27th floor. Reselling cautions indicate that the whole office floor was last acquired for $31.72 million ($2,634 psf) in June 2021.

The strata office level has a standard and flexible floor-plate style that includes 7 individual units. It is currently somewhat tenanted and will most likely be marketed with existing tenancies.

Last December, a 10,312 sq ft penthouse office ground on the 44th floor of Suntec City Tower 3 was yielded $36.23 million ($3,513 psf). This offer was sealed by Wong of JLL.

“Need for strata office possessions in Suntec City remains strong, with limited supply of Grade-An office complex meeting the market’s demand for attributes such as drop-off points, car parks, viewpoints, and features,” claims Wong.

The Continuum Thiam Sew Avenue

Recent office unit transactions at Suntec City included the sale of a 3,078 sq ft unit on the 37th floor of Tower 1 that switched hands for $11.5 million ($3,736 psf) on June 20. At the same time, a 4,779 sq ft unit on the 22nd floor of Tower 3 was negotiated for $15.3 million ($3,200 psf) on June 7.

Suntec City is a centrally located incorporated advancement that comprises five Grade-A workplace towers, a retail shopping center and an event center.

This provides the brand-new proprietor with the versatility to occupy the property as an investment decision, totally leasing it out for lease, or relocating as a landlord-occupier, states Terry Wong, higher director, Funding Markets, JLL Singapore.

The office ground on the market features all-round sights of the Marina Bay location and the neighboring city skyline.

JLL is advertising the transaction of the workplace level via an expression of interest (EOI) exercise that closes on Aug 20. The sale is open to foreign buyers and entities, and the extra purchaser’s stamp obligation and vendor’s stamp duty are not applicable for this deal.

He adds that the size of the strata workplace flooring plate makes it adjustable for subdivision or combinations into units that can suit the room guidelines of arriving lessees or self-use. “The entire floor additionally consists of three private strata titles, offering opportunity for near future divestment as separate strata units,” claims Wong.

The area benefits from straight entry to close-by MRT stations such as Promenade (Circle and Midtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also attached to significant freeways like the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.


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