Office floor in Suntec Tower 1 for sale for $42.8 million
The office floor for sale is located on the 27th floor of Suntec City Tower 1. (Image: Samuel Isaac Chua/The Edge Singapore)
A fully equipped office floor in Suntec Tower 1, in Suntec Citywas offered for sale at a guide price of $42.8 million. The total floor area is 12,045 square feet and the guide price equates to $3,553 per square foot.
According to market sources, the office floor for sale is located on the 27th floor. The resale caveats indicate that the entire office floor was last purchased in June 2021 for $31.72 million ($2,634 per square foot).
JLL is marketing the sale of the office floor through an expression of interest (EOI) which closes on August 20. The sale is open to overseas buyers and companies and the additional buyer and seller stamp duty is not applicable to this transaction.
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The office floor has a regular and flexible floor plan and comprises seven individual units. It is currently partially leased and will be sold together with the existing tenancies.
This gives the new owner the flexibility to use the property as an investment, rent it out fully or move in as an owner-occupied landlord, says Terry Wong, Senior Director, Capital Markets, JLL Singapore.
He adds that the size of the office floor allows for flexible subdivision or consolidation into units to suit the space requirements of new tenants or owner-occupancy. “The entire floor also consists of three individual freehold titles, so there is the possibility of later disposal as separate freehold units,” says Wong.
The office floor at the market offers panoramic views of Marina Bay and the surrounding city skyline.
Suntec City is a centrally located integrated building consisting of five world-class office towers, a shopping 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 expressways such as the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway.
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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 per sq ft). This deal was completed by Wong of JLL.
Recent transactions in the office unit space at Suntec City included the sale of a 284 sq m unit on the 37th floor of Tower 1, which changed hands for US$11.5 million (US$3,736 per sq ft) on June 20. Meanwhile, a 445 sq m unit on the 22nd floor of Tower 3 was sold for US$15.3 million (US$3,200 per sq ft) on June 7.
“Demand for office properties in Suntec City remains robust. The limited supply of Grade A office buildings meets market demand for features such as drop-off points, parking, views and amenities,” says Wong.
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