Office floor at Suntec Tower 1 for sale at $42.8 mil

A whole strata workplace ground at Suntec Tower 1, in Suntec City, has recently been offered at a suggestive overview cost of $42.8 million. The floor covering plate has a total strata floor surface space of 12,045 sq ft, and the overview value converts to $3,553 psf.

The strata workplace floor has a normal and versatile floor-plate style that encompasses 7 private units. It is presently partially tenanted and are going to be marketed with existing occupancies.

He includes that the dimension of the strata office flooring plate makes it adjustable for neighborhood or amalgamation in to units that can suit the area requirements of incoming lessees or self-use. “The whole storey additionally consists of 3 personal strata titles, supplying chance for future divestment as separate strata units,” states Wong.

Cuscaden Reserve floor plan

Suntec City is a centrally located incorporated growth that makes up five Grade-An office towers, a retail shopping center and a convention hub.

This gives the new owner with the versatility to occupy the possession as an investment, completely subleasing it out for hire, or relocating as a landlord-occupier, says Terry Wong, senior director, Capital Markets, JLL Singapore.

The area benefits from straight entry to close-by MRT stations such as Promenade (Circle and Midtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also linked to significant highways like the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.

Last December, a 10,312 sq ft penthouse office ground on the 44th floor of Suntec City Tower 3 was brought $36.23 million ($3,513 psf). This offer was closed by Wong of JLL.

Recent office unit purchases at Suntec City featured the sale of a 3,078 sq ft unit on the 37th floor of Tower 1 that switched 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.

“Demand for strata office properties in Suntec City stays sturdy, with small quantity of Grade-An office complex satisfying the market’s demand for characteristics such as drop-off places, car parks, scenery, and facilities,” claims Wong.

JLL is marketing the transaction of the office floor via an expression of interest (EOI) activity that closes up on Aug 20. The sale is open to foreign investors and companies, and the extra customer’s stamp duty and seller’s stamp obligation are not applicable for this deal.

The workplace ground on the market includes overall sights of the Marina Bay zone and the neighboring city horizon.

According to market resources, the office ground offer for sale is on the 27th ground. Reselling cautions indicate that the entire office ground was last bought for $31.72 million ($2,634 psf) in June 2021.


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