Strata office floor at Suntec Tower 1 for sale at $41.8 mil
Suntec Tower 1 is among 5 office towers in the Suntec City development on 7 Temasek Blvd. The property development also comprises a retail shopping center and event center. Found within the CBD, it is catered to by three MRT lines via the Esplanade, Promenade and City Hall MRT Stations.
Lim claims that Suntec City strata office, specifically high-floor units, have a tendency to relish solid appeal from buyers and tenants thanks to their main location, broad industrial services on-site and availability.
Foreigners and business are qualified to purchase commercial estate without spending for additional customer’s or seller’s stamp duty.
Until now this year, the development has viewed a total of five transactions varying between $3,200 psf and $3,817 psf, based on caveats lodged.
Based on URA caveats, the office units were bought in June 2011 at $30.27 million. The very first unit figuring 4,758 sq ft was purchased around $11.7 million. The 2nd unit of 3,735 sq ft was acquired at $9.2 million, whilst the 3rd unit covering 3,789 sq ft was settled at $9.34 million. All 3 units were settled at $2,465 psf based upon floor surface area.
The workplace units have a 99-year leasehold from 1989, with a remaining lease of around 64 years. They are fully tenanted until October 2025, offering instant monthly rent earnings of more than $130,000, says Henry Lim, affiliate district branch director of PropNex. The tenant has shown interest in expanding the contract, he includes.
The most recent deal remained in June, when a 3,079 sq ft strata office unit on the 37th floor switched hands for $11.5 million, or $3,736 psf.
A whole workplace level on the 31st floor of Suntec Tower 1 has been sold with a guide rate of $41.8 million. According to the unique marketing broker PropNex, the property consists of three single strata titles and is readily available to sell by means of nonpublic treaty. At a consolidated strata place of 12,282 sq ft, this works out to an overview price of $3,403 psf.
The three strata units are between 3,735 and 4,758 sq ft. Lim mentions that the newly arriving owner has the flexibility to make the whole level as it is, or divest the units separately in the future.
This is the 2nd office floor at Suntec Tower 1 that has actually been put up for sale this month. On July 10, a complete strata office floor on the 27th floor was put up on the marketplace at a suggestive price of $42.8 million. With a floor area of 12,045 sq ft, this converts right into an overview rate of $3,553 psf. JLL is advertising the workplace floor using an expression of interest activity that closes on Aug 20.
