Office floor at Suntec Tower 1 for sale at $42.8 mil
By Timothy Tay
/ EdgeProp Singapore |
The office floor for sale is located on the 27th floor of Suntec City Tower 1. (Picture: Samuel Isaac Chua/The Edge Singapore)
A full strata office floor at Suntec Tower 1, in Suntec City, has been put up for sale at an indicative guide price of $42.8 million. The floor plate has a total strata floor area of 12,045 sq ft, and the guide price translates to $3,553 psf.
According to market sources, the office floor for sale is on the 27th floor. Resale caveats indicate that the entire office floor was last purchased for $31.72 million ($2,634 psf) in June 2021.
JLL is marketing the sale of the office floor through an expression of interest (EOI) exercise that closes on Aug 20. The sale is open to foreign buyers and entities, and the additional buyer’s stamp duty and seller’s stamp duty are not applicable for this transaction.
The strata office floor has a regular and flexible floor-plate layout that encompasses seven individual units. It is currently partially tenanted and will be sold with existing tenancies.
This provides the new owner with the flexibility to take up the asset as an investment, fully leasing it out for rent, or moving in as a landlord-occupier, says Terry Wong, senior director, Capital Markets, JLL Singapore.
He adds that the size of the strata office floor plate makes it flexible for subdivision or amalgamation into units that can accommodate the space requirements of incoming tenants or self-use. “The entire floor also comprises three individual strata titles, providing opportunity for future divestment as separate strata units,” says Wong.
The office floor on the market features all-round views of the Marina Bay area and the surrounding city skyline.
Suntec City is a centrally located integrated development that comprises five Grade-A office towers, a retail mall and a convention centre.
The location benefits from direct access to nearby MRT stations such as Promenade (Circle and Downtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also connected to major highways such as the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
Last December, a 10,312 sq ft penthouse office floor on the 44th floor of Suntec City Tower 3 was sold for $36.23 million ($3,513 psf). This deal was closed by Wong of JLL.
Recent office unit transactions at Suntec City included the sale of a 3,078 sq ft unit on the 37th floor of Tower 1 that changed hands for $11.5 million ($3,736 psf) on June 20. Meanwhile, a 4,779 sq ft unit on the 22nd floor of Tower 3 was transacted for $15.3 million ($3,200 psf) on June 7.
“Demand for strata office assets in Suntec City remains robust, with limited supply of Grade-A office buildings meeting the market's demand for attributes such as drop-off points, car parks, views, and amenities,” says Wong.
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