Suntec City (Photo: Samuel Isaac Chua/The Edge Singapore)

SINGAPORE (EDGEPROP) – A full-floor office unit in Suntec City Tower 2 has sold for $38.75 million, or $3,300 per square foot.

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This is the highest price per square foot achieved for the 44-storey office tower, based on reservations filed. It surpasses the previous record set in January 2020, when a 33rd floor unit measuring 11,840.40 square feet sold for $38 million ($3,209 per square foot). The sale is also the largest transaction for Suntec City Tower 2 so far this year.

The office sold is an 11,743.52 sq ft unit on a high floor. It was sold to a Singapore-based Chinese national, says Aric Lim, deputy senior division director at Huttons Group, who brokered the deal. The buyer liked the floor because of its views of Marina Bay as well as the renovations carried out by the previous owner, Lim adds.

The unit was previously purchased in February 2016 for $29 million, or $2,469 per square foot, meaning the seller made a profit of $9.75 million on the transaction.

Lee Sze Teck, senior research director at Huttons Group, points out that demand for prime office space with condominiums in the CBD is increasing due to the influx of investors looking to ride the wave of economic recovery.

Lim adds that many high net worth individuals from Greater China are looking to invest in all types of real estate in Singapore.

Suntec City Tower 2 is one of five office towers in the mixed-use Suntec City complex. Of the five office towers in Suntec City, only three (Suntec Towers One, Two and Three) have office units for sale. Four of the office towers have 40 floors each, while Suntec Tower Five has 18 floors. The office towers have a 99-year lease that began in 1989. They are connected to the 880,000 sq ft Suntec Mall as well as the Suntec Singapore Convention & Exhibition Centre, which has 450,000 sq ft of customizable event space.

The floor sold in Suntec City Tower 2 is the sixth highest transaction for strata office units in Suntec City on a price per square foot basis. The highest transaction was recorded for a 3,078.50 sq ft office unit in Suntec City Tower 1, which sold for $10.6 million ($3,443 per sq ft) in August 2020.

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