Office floor at Suntec Tower 1 for sale at $42.8 mil
The place benefits from straight access to close-by MRT stations 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 like the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
The strata workplace level has a standard and versatile floor-plate design that includes 7 private units. It is presently partially tenanted and are going to be sold with existing tenancies.
A complete strata workplace level at Suntec Tower 1, in Suntec City, has definitely been offered at a suggestive guide cost of $42.8 million. The flooring plate has a total strata floor space of 12,045 sq ft, and the overview pricing converts to $3,553 psf.
This supplies the new owner with the versatility to occupy the asset as a financial investment, completely subleasing it out for rental, or moving in as a landlord-occupier, claims Terry Wong, senior supervisor, Funding Markets, JLL Singapore.
According to market sources, the facility ground up for sale is on the 27th level. Resale caveats indicate that the entire office floor was last acquired for $31.72 million ($2,634 psf) in June 2021.
Suntec City is a centrally located integrated advancement that makes up five Grade-A workplace towers, a retail mall and a convention facility.
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 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.
Last December, a 10,312 sq ft penthouse office ground on the 44th floor of Suntec City Tower 3 was sold for $36.23 million ($3,513 psf). This offer was secured by Wong of JLL.
The workplace ground on the market includes overall views of the Marina Bay area and the neighboring city skyline.
J’Den Condo Jurong East Central Road
“Demand for strata workplace assets in Suntec City continues to be robust, with limited quantity of Grade-An office complex satisfying the market’s demand for characteristics such as drop-off points, parking area, scenery, and amenities,” says Wong.
He adds that the dimension of the strata office flooring plate makes it flexible for subdivision or amalgamation in to units that can fit the area conditions of incoming tenants or self-use. “The whole level even makes up three private strata titles, providing chance for potential divestment as separate strata units,” says Wong.
JLL is promoting the sale of the workplace floor through an expression of interest (EOI) activity that closes on Aug 20. The sale is open to international buyers and entities, and the additional buyer’s stamp obligation and seller’s stamp obligation are not applicable for this transaction.