Strata office floor at Suntec Tower 1 for sale at $41.8 mil
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 hub. Found within the CBD, it is served by 3 MRT lines by using the Esplanade, Promenade and City Hall MRT Stations.
The office space units have a 99-year leasehold from 1989, with a standing lease of around 64 years. They are totally tenanted until October 2025, giving instant regular monthly leasing revenue of greater than $130,000, claims Henry Lim, affiliate area branch administrator of PropNex. The lessee has shown interest in extending the contract, he adds.
Lim says that Suntec City strata office spaces, particularly high-floor units, often tend to enjoy strong demand from clients and tenants thanks to their central site, wide industrial services on-site and access.
Until now this year, the development has viewed an overall of 5 transactions varying in between $3,200 psf and $3,817 psf, based upon cautions lodged.
A whole office floor on the 31st floor of Suntec Tower 1 has been put on the market with a guide cost of $41.8 million. According to the special marketing agent PropNex, the real property comprises three separate strata titles and is available for sale via nonpublic treaty. At a consolidated strata location of 12,282 sq ft, this figures out to a guide rate of $3,403 psf.
Based on URA caveats, the workplace units were acquired in June 2011 at $30.27 million. The initial unit figuring 4,758 sq ft was bought at about $11.7 million. The 2nd unit of 3,735 sq ft was bought at $9.2 million, whilst the third unit occupying 3,789 sq ft was transacted at $9.34 million. All 3 units were negotiated at $2,465 psf based on floor surface area.
Immigrants and business are eligible to acquire business property without spending for additional customer’s or vendor’s stamp duty.
This is the 2nd office space storey at Suntec Tower 1 that has been put up for sale this month. On July 10, a complete strata office ground on the 27th storey was put up on the market at a suggestive price of $42.8 million. With a floor surface location of 12,045 sq ft, this equates right into an overview rate of $3,553 psf. JLL is promoting the office level by means of an expression of interest exercise that closes on Aug 20.
The three strata units are between 3,735 and 4,758 sq ft. Lim notes that the newly arriving owner has the versatility to keep the whole level as it is, or unload the units individually in the future.
One of the most recent deal remained in June, when a 3,079 sq ft strata office unit on the 37th ground switched hands for $11.5 million, or $3,736 psf.
