Strata office floor at Suntec Tower 1 for sale at $41.8 mil
The 3 strata units are in between 3,735 and 4,758 sq ft. Lim notes that the newly arriving proprietor has the adaptability to make the whole level as it is, or divest the units separately later on.
Based on URA caveats, the workplace units were purchased in June 2011 at $30.27 million. The initial unit figuring 4,758 sq ft was bought at about $11.7 million. The second unit of 3,735 sq ft was acquired at $9.2 million, while the third unit taking up 3,789 sq ft was negotiated at $9.34 million. All three units were negotiated at $2,465 psf based upon floor area.
Immigrants and companies are eligible to buy industrial property without paying for additional purchaser’s or vendor’s stamp obligation.
The workplace units have a 99-year leasehold from 1989, with a standing lease of approximately 64 years. They are completely tenanted until October 2025, offering immediate regular monthly rent earnings of greater than $130,000, says Henry Lim, associate area branch director of PropNex. The occupant has actually shown interest in prolonging the contract, he adds.
An entire office ground on the 31st floor of Suntec Tower 1 has been sold with a guide price of $41.8 million. According to the special marketing broker PropNex, the real estate makes up 3 separate strata titles and is readily available to sell using nonpublic treaty. At a consolidated strata place of 12,282 sq ft, this works out to an overview cost of $3,403 psf.
Suntec Tower 1 is one of 5 office towers in the Suntec City development on 7 Temasek Boulevard. The development also comprises a retail shopping mall and event center. Found inside the CBD, it is served by 3 MRT lines through the Esplanade, Promenade and City Hall MRT Stations.
One of the most recent deal remained in June, when a 3,079 sq ft strata office unit on the 37th ground switched hands for $11.5 million, or $3,736 psf.
Lim claims that Suntec City strata workplace, especially high-floor units, often tend to enjoy solid interest from clients and occupants due to their main location, vast commercial offerings on-site and access.
This is the 2nd office level at Suntec Tower 1 that has been sold this month. On July 10, a full strata workplace floor on the 27th floor was put up on the marketplace at an indicative price 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 floor by means of an expression of interest activity that finalizes on Aug 20.
Until now this year, the project has actually viewed a total of five purchases varying between $3,200 psf and $3,817 psf, based upon cautions lodged.
