Strata office floor at Suntec Tower 1 for sale at $41.8 mil
A whole office level on the 31st storey of Suntec Tower 1 has been put on the market with an overview cost of $41.8 million. According to the special marketing agent PropNex, the real estate consists of 3 individual strata titles and is offered to sell by means of nonpublic treaty. At a combined strata place of 12,282 sq ft, this figures out to an overview cost of $3,403 psf.
Suntec Tower 1 is one of five workplace towers in the Suntec City development on 7 Temasek Blvd. The property development even consists of a retail mall and convention hub. Situated within the CBD, it is catered to by three MRT lines through the Esplanade, Promenade and City Hall MRT Stations.
This is the 2nd office space floor at Suntec Tower 1 that has actually been put up for sale this month. On July 10, a full strata workplace floor on the 27th storey was put up on the market at an indicative cost of $42.8 million. With a floor surface location of 12,045 sq ft, this converts into an overview cost of $3,553 psf. JLL is marketing the workplace level via an expression of interest activity that closes on Aug 20.
So far this year, the project has viewed a total of 5 purchases varying in between $3,200 psf and $3,817 psf, based upon cautions lodged.
The most recent deal remained in June, when a 3,079 sq ft strata office unit on the 37th ground changed 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 very first unit figuring 4,758 sq ft was purchased about $11.7 million. The second unit of 3,735 sq ft was bought at $9.2 million, whereas the 3rd unit occupying 3,789 sq ft was transacted at $9.34 million. All three units were negotiated at $2,465 psf based upon floor surface area.
Lim states that Suntec City strata office, especially high-floor units, often tend to appreciate strong demand from buyers and occupiers because of their central venue, large industrial offerings on-site and availability.
The 3 strata units are between 3,735 and 4,758 sq ft. Lim notes that the incoming proprietor has the adaptability to keep the entire storey as it is, or divest the units independently later on.
Foreigners and companies are eligible to acquire commercial estate without paying for additional buyer’s or seller’s stamp responsibility.
The office space units have a 99-year leasehold from 1989, with a going on lease of approximately 64 years. They are fully tenanted till October 2025, supplying prompt regular monthly rental earnings of greater than $130,000, says Henry Lim, affiliate area branch supervisor of PropNex. The lessee has actually shown interest in prolonging the contract, he adds.
