Office floor at Suntec Tower 1 for sale at $42.8 mil
JLL is marketing the purchase of the office floor through an expression of interest (EOI) exercise that closes on Aug 20. The sale is open to international investors and companies, and the extra purchaser’s stamp obligation and vendor’s stamp responsibility are not suitable for this purchase.
Suntec City is a centrally located integrated growth that comprises five Grade-A workplace towers, a retail shopping mall and an event facility.
A full strata workplace level at Suntec Tower 1, in Suntec City, has definitely been put up for sale at an indicative overview price of $42.8 million. The floor plate has an overall strata floor space of 12,045 sq ft, and the guide price translates to $3,553 psf.
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 secured by Wong of JLL.
The area benefits from straight accessibility 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 connected to significant highways like the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
He adds that the dimension of the strata workplace floor plate makes it versatile for neighborhood or combinations in to units that can fit the room conditions of incoming tenants or self-use. “The whole level even makes up three private strata titles, providing opportunity for potential divestment as separate strata units,” claims Wong.
The strata workplace level has a regular and adaptable floor-plate design that includes 7 private units. It is currently partly tenanted and will be marketed with existing occupancies.
Recent workplace unit deals at Suntec City featured the sale of a 3,078 sq ft unit on the 37th storey of Tower 1 that switched hands for $11.5 million ($3,736 psf) on June 20. On the other hand, 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.
According to market sources, the office ground available for sale is on the 27th floor. Reselling cautions indicate that the whole workplace floor was last acquired for $31.72 million ($2,634 psf) in June 2021.
The workplace ground on the marketplace includes overall views of the Marina Bay spot and the neighboring city skyline.
“Need for strata office space assets in Suntec City continues to be sturdy, with limited quantity of Grade-An office complex fulfilling the market’s demand for attributes such as drop-off places, car parks, scenery, and facilities,” states Wong.
This offers the brand-new proprietor with the adaptability to take up the possession as a financial investment, completely renting it out for lease, or relocating as a landlord-occupier, states Terry Wong, top director, Resources Markets, JLL Singapore.
