Office floor at Suntec Tower 1 for sale at $42.8 mil
The workplace ground on the market includes all-round sights of the Marina Bay spot and the neighboring city sky line.
The place benefits from direct 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 major highways such as the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
This provides the brand-new owner with the versatility to use up the asset as an investment decision, totally leasing it out for hire, or moving in as a landlord-occupier, says Terry Wong, higher supervisor, Resources Markets, JLL Singapore.
According to industry sources, the office ground up for sale is on the 27th level. Resale cautions suggest that the entire workplace floor was last purchased for $31.72 million ($2,634 psf) in June 2021.
A complete strata office space ground at Suntec Tower 1, in Suntec City, has recently been put up for sale at an indicative guide price of $42.8 million. The floor plate has a total strata floor surface space of 12,045 sq ft, and the overview price equates to $3,553 psf.
JLL is marketing the transaction of the workplace floor through an expression of interest (EOI) activity that finalizes on Aug 20. The sale is open to foreign customers and companies, and the extra buyer’s stamp responsibility and vendor’s stamp responsibility are not suitable for this purchase.
“Demand for strata workplace assets in Suntec City stays strong, with limited quantity of Grade-An office complex satisfying the market’s need for attributes such as drop-off points, car parks, views, and facilities,” says Wong.
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Last December, a 10,312 sq ft penthouse office ground on the 44th level of Suntec City Tower 3 was yielded $36.23 million ($3,513 psf). This deal was sealed by Wong of JLL.
He includes that the dimension of the strata office floor plate makes it adjustable for subdivision or amalgamation into units that can fit the space guidelines of incoming renters or self-use. “The entire storey additionally comprises three private strata titles, supplying opportunity for future divestment as different strata units,” states Wong.
Recent workplace unit purchases at Suntec City included 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. Meanwhile, 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.
The strata office floor has a normal and adaptable floor-plate design that includes 7 private units. It is presently somewhat tenanted and are going to be marketed with existing tenancies.
Suntec City is a centrally located incorporated growth that comprises five Grade-A workplace towers, a retail shopping mall and a convention center.