Office floor at Suntec Tower 1 for sale at $42.8 mil
According to industry sources, the facility floor offer for sale is on the 27th ground. Reselling caveats show that the entire office floor was last acquired for $31.72 million ($2,634 psf) in June 2021.
“Demand for strata office space assets in Suntec City remains strong, with minimal quantity of Grade-An office complex fulfilling the marketplace’s demand for attributes like drop-off places, parking area, sights, and facilities,” states Wong.
Last December, a 10,312 sq ft penthouse office floor on the 44th floor of Suntec City Tower 3 was yielded $36.23 million ($3,513 psf). This deal was closed by Wong of JLL.
JLL is promoting the transaction of the office floor through an expression of interest (EOI) exercise that finalizes on Aug 20. The sale is open to overseas investors and companies, and the added customer’s stamp obligation and vendor’s stamp responsibility are not suitable for this deal.
This provides the new owner with the versatility to occupy the possession as an investment decision, totally subleasing it out for rental, or relocating as a landlord-occupier, says Terry Wong, senior director, Resources Markets, JLL Singapore.
The location benefits from straight access to neighboring MRT terminals such as Promenade (Circle and Downtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also attached to major freeways such as the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
The strata workplace level has a standard and versatile floor-plate design that encompasses seven individual units. It is currently partially tenanted and are going to be sold with existing occupancies.
Suntec City is a centrally located integrated development that consists of five Grade-An office towers, a retail mall and an event centre.
Recent office space unit deals at Suntec City featured the sale of a 3,078 sq ft unit on the 37th ground of Tower 1 that changed hands for $11.5 million ($3,736 psf) on June 20. On the other hand, a 4,779 sq ft unit on the 22nd flooring of Tower 3 was settled for $15.3 million ($3,200 psf) on June 7.
A full strata office ground at Suntec Tower 1, in Suntec City, has been offered at an indicative guide rate of $42.8 million. The floor covering plate has an overall strata floor area of 12,045 sq ft, and the guide price converts to $3,553 psf.
He adds that the dimension of the strata workplace floor plate makes it flexible for community or combinations into units that can accommodate the area conditions of incoming lessees or self-use. “The whole storey even consists of 3 private strata titles, providing possibility for near future divestment as separate strata units,” claims Wong.
The office ground on the marketplace features all-round views of the Marina Bay area and the neighboring city horizon.
