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

This is the second office space storey at Suntec Tower 1 that has actually been offered this month. On July 10, a full 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 area of 12,045 sq ft, this translates right into a guide rate of $3,553 psf. JLL is advertising the workplace floor through an expression of interest activity that closes on Aug 20.

Suntec Tower 1 is one of five workplace towers in the Suntec City property development on 7 Temasek Blvd. The development even makes up a retail shopping center and convention center. Located inside of the CBD, it is served by three MRT lines via the Esplanade, Promenade and City Hall MRT Stations.

The office space units have a 99-year leasehold from 1989, with a remaining lease of around 64 years. They are completely tenanted till October 2025, offering instant regular monthly rent earnings of greater than $130,000, claims Henry Lim, associate district branch administrator of PropNex. The renter has actually shared interest in expanding the contract, he includes.

An over-all office floor on the 31st storey of Suntec Tower 1 has actually been put on the market with an overview rate of $41.8 million. According to the special promotion agent PropNex, the property comprises three individual strata titles and is offered for sale using exclusive treaty. At a consolidated strata place of 12,282 sq ft, this figures out to an overview price of $3,403 psf.

Foreigners and companies are suitable to acquire commercial estate without paying for additional buyer’s or seller’s stamp obligation.

Until now this year, the project has seen a total of five deals ranging between $3,200 psf and $3,817 psf, based on cautions lodged.

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One of the most recent transaction remained in June, when a 3,079 sq ft strata office unit on the 37th storey shifted hands for $11.5 million, or $3,736 psf.

Lim says that Suntec City strata office spaces, particularly high-floor units, tend to appreciate solid appeal from clients and occupiers because of their main location, wide business services on-site and accessibility.

The three strata units are between 3,735 and 4,758 sq ft. Lim notes that the newly arriving proprietor has the flexibility to make the entire floor as it is, or divest the units independently in the future.

Based upon URA caveats, the office units were bought in June 2011 at $30.27 million. The first unit measuring 4,758 sq ft was purchased about $11.7 million. The second unit of 3,735 sq ft was bought at $9.2 million, while the third unit covering 3,789 sq ft was transacted at $9.34 million. All 3 units were transacted at $2,465 psf based on floor surface area.


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