Strata office floor at Suntec Tower 1 for sale at $41.8 mil
The workplace units have a 99-year leasehold from 1989, with a standing lease of around 64 years. They are fully tenanted until October 2025, supplying prompt monthly rent income of greater than $130,000, states Henry Lim, associate district branch supervisor of PropNex. The renter has actually shown interest in extending the lease, he adds.
Suntec Tower 1 is among five office towers in the Suntec City development on 7 Temasek Blvd. The property development also makes up a retail mall and event centre. Located within the CBD, it is served by 3 MRT lines via the Esplanade, Promenade and City Hall MRT Stations.
Lim claims that Suntec City strata workplace, specifically high-floor units, often tend to appreciate solid appeal from clients and occupants thanks to their main venue, vast commercial offers on-site and accessibility.
This is the 2nd office space floor at Suntec Tower 1 that has been offered this month. On July 10, a full strata office ground on the 27th storey was put up on the marketplace at a suggestive rate of $42.8 million. With a floor location of 12,045 sq ft, this equates into a guide price of $3,553 psf. JLL is promoting the workplace level through an expression of interest exercise that finalizes on Aug 20.
The most recent purchase remained in June, when a 3,079 sq ft strata office unit on the 37th storey switched hands for $11.5 million, or $3,736 psf.
Based upon URA caveats, the office units were purchased in June 2011 at $30.27 million. The first unit measuring 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, whilst the third unit covering 3,789 sq ft was settled at $9.34 million. All 3 units were settled at $2,465 psf based upon floor area.
Thus far this year, the project has actually viewed an overall of 5 transactions ranging in between $3,200 psf and $3,817 psf, based on caveats lodged.
A whole office ground on the 31st floor of Suntec Tower 1 has actually been sold with an overview price of $41.8 million. According to the exclusive advertising and marketing broker PropNex, the real estate comprises three single strata titles and is readily available for sale via private treaty. At a mixed strata location of 12,282 sq ft, this works out to an overview cost of $3,403 psf.
Immigrants and companies are suitable to acquire commercial estate without spending for additional buyer’s or seller’s stamp duty.
The 3 strata units are in between 3,735 and 4,758 sq ft. Lim notes that the incoming owner has the versatility to maintain the whole level as it is, or unload the units independently later on.