Strata office floor at Suntec Tower 1 for sale at $41.8 mil

Suntec Tower 1 is one of 5 workplace towers in the Suntec City development on 7 Temasek Blvd. The development also comprises a retail mall and convention hub. Situated within the CBD, it is serviced by three MRT lines through the Esplanade, Promenade and City Hall MRT Stations.

The three strata units are between 3,735 and 4,758 sq ft. Lim mentions that the incoming proprietor has the versatility to keep the whole level as it is, or unload the units separately later on.

The most recent transaction was in June, when a 3,079 sq ft strata office unit on the 37th floor changed hands for $11.5 million, or $3,736 psf.

Lim claims that Suntec City strata office, specifically high-floor units, tend to appreciate strong demand from investors and tenants thanks to their main location, wide business services on-site and access.

Immigrants and companies are qualified to purchase commercial property without spending for additional customer’s or seller’s stamp duty.

Based upon URA caveats, the office units were purchased in June 2011 at $30.27 million. The first unit figuring 4,758 sq ft was purchased about $11.7 million. The second unit of 3,735 sq ft was acquired at $9.2 million, whilst the 3rd unit occupying 3,789 sq ft was transacted at $9.34 million. All three units were transacted at $2,465 psf based upon floor area.

A whole workplace level on the 31st floor of Suntec Tower 1 has actually been sold with a guide cost of $41.8 million. According to the special marketing agent PropNex, the property comprises three single strata titles and is readily available for sale via private treaty. At a combined strata area of 12,282 sq ft, this works out to a guide price of $3,403 psf.

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The office units have a 99-year leasehold from 1989, with a remaining lease of about 64 years. They are totally tenanted till October 2025, supplying prompt regular monthly rent income of much more than $130,000, says Henry Lim, affiliate area branch director of PropNex. The lessee has actually shared interest in expanding the rent, he adds.

This is the second 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 floor was put up on the marketplace at a suggestive price of $42.8 million. With a floor surface location of 12,045 sq ft, this translates right into a guide price of $3,553 psf. JLL is marketing the workplace level via an expression of interest exercise that closes on Aug 20.

So far this year, the project has actually seen a total amount of 5 purchases varying between $3,200 psf and $3,817 psf, based on cautions lodged.


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