Strata office floor at Suntec Tower 1 for sale at $41.8 mil
Based on URA caveats, the office units were bought in June 2011 at $30.27 million. The very first unit figuring 4,758 sq ft was bought at about $11.7 million. The 2nd unit of 3,735 sq ft was bought at $9.2 million, whereas the third unit occupying 3,789 sq ft was settled at $9.34 million. All three units were transacted at $2,465 psf based upon floor area.
Suntec Tower 1 is one of 5 workplace towers in the Suntec City property development on 7 Temasek Blvd. The development also comprises a retail shopping mall and convention centre. Found within the CBD, it is serviced by three MRT lines by using the Esplanade, Promenade and City Hall MRT Stations.
This is the 2nd office level at Suntec Tower 1 that has actually been put up for sale this month. On July 10, a complete strata office ground on the 27th floor was put up on the marketplace at an indicative cost of $42.8 million. With a floor area of 12,045 sq ft, this equates into a guide price of $3,553 psf. JLL is marketing the office floor by means of an expression of interest exercise that closes up on Aug 20.
Lim states that Suntec City strata office spaces, specifically high-floor units, often tend to enjoy strong interest from investors and occupants thanks to their central venue, wide commercial services on-site and access.
The most recent transaction was in June, when a 3,079 sq ft strata office unit on the 37th ground shifted hands for $11.5 million, or $3,736 psf.
Foreigners and companies are eligible to purchase commercial property without spending for additional buyer’s or seller’s stamp responsibility.
The office units have a 99-year leasehold from 1989, with a remaining lease of approximately 64 years. They are fully tenanted till October 2025, giving instant monthly rent revenue of greater than $130,000, says Henry Lim, affiliate area branch administrator of PropNex. The occupant has actually shown interest in extending the lease, he adds.
Until now this year, the development has viewed an overall of 5 purchases ranging between $3,200 psf and $3,817 psf, based upon caveats lodged.
The Arcady @ Boon Keng KSH Holdings Limited
An entire office floor on the 31st floor of Suntec Tower 1 has been put on the market with a guide price of $41.8 million. According to the exclusive marketing broker PropNex, the property consists of three individual strata titles and is available for sale using exclusive treaty. At a combined strata area of 12,282 sq ft, this works out to an overview price of $3,403 psf.
The 3 strata units are in between 3,735 and 4,758 sq ft. Lim mentions that the newly arriving proprietor has the adaptability to keep the entire level as it is, or divest the units separately in the future.
