SINGAPORE (EDGEPROP) - An office portfolio comprising one floor at Suntec City Tower 1 and five floors at Suntec City Tower 2 has been sold for $197 million. The six office floors in this portfolio occupies a total nett lettable area of 78,491 sq ft. The sale was brokered by Savills Singapore. (See also: Office space at Suntec Tower 2 on the market for $37.5 mil)

“With a limited supply of quality office stock available for sale in the market, strata office opportunities of such scale are rare and sought after by investors,” says Savills.

The offices spaces at Suntec City are undergoing asset enhancement works that includes upgrading the main entrance lobby, reception, and concierge area. The lift lobbies will be modernised and refurbished washrooms are planned. The phased upgrading works are expected to be completed by 1Q2022.

“The outlook for the office investment market is compelling for investors. Rents are expected to start rising again in 2H 2021 and prices have already started to firm up in anticipation of the rental recovery,” says Jeremy Lake, managing director, investment sales & capital markets at Savills Singapore.

He adds that his team is already in discussions with a growing number of investors who are keen to buy office space in Singapore.

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