Office floor at Suntec Tower 1 for sale at $42.8 mil
The place benefits from straight accessibility to neighboring MRT stations such as Promenade (Circle and Midtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). It is also connected to significant freeways like the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
JLL is promoting the transaction of the office floor through an expression of interest (EOI) activity that closes up on Aug 20. The sale is open to foreign customers and entities, and the extra purchaser’s stamp responsibility and seller’s stamp responsibility are not applicable for this deal.
This provides the brand-new proprietor with the versatility to use up the asset as an investment, completely renting it out for rental, or moving in as a landlord-occupier, says Terry Wong, higher director, Capital Markets, JLL Singapore.
An entire strata office space ground at Suntec Tower 1, in Suntec City, has been put up for sale at a suggestive guide cost of $42.8 million. The floor covering plate has a total strata floor surface space of 12,045 sq ft, and the guide price converts to $3,553 psf.
The office floor on the market includes all-round views of the Marina Bay location and the neighboring city sky line.
Recent office space unit deals at Suntec City featured the sale of a 3,078 sq ft unit on the 37th floor of Tower 1 that shifted hands for $11.5 million ($3,736 psf) on June 20. At the same time, a 4,779 sq ft unit on the 22nd floor of Tower 3 was negotiated for $15.3 million ($3,200 psf) on June 7.
Last December, a 10,312 sq ft penthouse office floor on the 44th floor of Suntec City Tower 3 was brought $36.23 million ($3,513 psf). This deal was sealed by Wong of JLL.
Suntec City is a centrally located integrated development that makes up five Grade-An office towers, a retail mall and a convention hub.
“Demand for strata workplace assets in Suntec City stays robust, with minimal supply of Grade-An office complex meeting the market’s demand for characteristics such as drop-off parts, parking lot, viewpoints, and facilities,” states Wong.
According to market resources, the office ground offer for sale is on the 27th ground. Resale cautions indicate that the whole workplace ground was last acquired for $31.72 million ($2,634 psf) in June 2021.
He includes that the dimension of the strata office flooring plate makes it adjustable for community or combinations in to units that can suit the space guidelines of inbound tenants or self-use. “The entire storey also consists of 3 private strata titles, giving chance for future divestment as separate strata units,” states Wong.
The strata workplace level has a standard and adaptable floor-plate style that encompasses 7 individual units. It is presently partly tenanted and will most likely be offered with existing tenancies.