Strata office floor at Suntec Tower 1 for sale at $41.8 mil
The office units have a 99-year leasehold from 1989, with a going on lease of approximately 64 years. They are fully tenanted up until October 2025, offering immediate month-to-month rental income of greater than $130,000, says Henry Lim, affiliate district branch director of PropNex. The occupant has expressed interest in extending the rent, he adds.
The 3 strata units are in between 3,735 and 4,758 sq ft. Lim notes that the incoming proprietor has the adaptability to maintain the whole floor as it is, or divest the units separately down the road.
Up until now this year, the development has viewed a total amount of five purchases varying in between $3,200 psf and $3,817 psf, based upon cautions lodged.
The most current purchase remained in June, when a 3,079 sq ft strata office unit on the 37th ground shifted hands for $11.5 million, or $3,736 psf.
This is the 2nd workplace level at Suntec Tower 1 that has actually been offered this month. On July 10, a complete strata workplace floor on the 27th storey was put up on the marketplace at an indicative price of $42.8 million. With a floor surface area of 12,045 sq ft, this converts into a guide cost of $3,553 psf. JLL is promoting the office level using an expression of interest activity that closes on Aug 20.
Lim states that Suntec City strata office spaces, particularly high-floor units, often tend to enjoy solid interest from clients and occupiers thanks to their main venue, wide industrial offers on-site and accessibility.
Based on URA caveats, the workplace units were bought in June 2011 at $30.27 million. The very first unit figuring 4,758 sq ft was bought at around $11.7 million. The 2nd unit of 3,735 sq ft was acquired at $9.2 million, whereas the third unit taking up 3,789 sq ft was transacted at $9.34 million. All three units were settled at $2,465 psf based upon floor surface area.
An over-all office floor on the 31st storey of Suntec Tower 1 has been put on the market with a guide rate of $41.8 million. According to the exclusive marketing broker PropNex, the real estate comprises 3 individual strata titles and is offered for sale through private treaty. At a mixed strata location of 12,282 sq ft, this figures out to a guide cost of $3,403 psf.
Foreigners and companies are eligible to buy business estate without spending for additional customer’s or vendor’s stamp obligation.
Suntec Tower 1 is among five workplace towers in the Suntec City property development on 7 Temasek Boulevard. The development also makes up a retail shopping center and event center. Situated inside of the CBD, it is served by 3 MRT lines via the Esplanade, Promenade and City Hall MRT Stations.
