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

Immigrants and business are suitable to buy industrial estate without spending for additional buyer’s or vendor’s stamp responsibility.

The office units have a 99-year leasehold from 1989, with a going on lease of approximately 64 years. They are fully tenanted till October 2025, supplying prompt regular monthly leasing income of much more than $130,000, says Henry Lim, affiliate area branch administrator of PropNex. The occupant has actually shared interest in extending the contract, he includes.

Lim states that Suntec City strata office spaces, particularly high-floor units, often tend to appreciate strong interest from buyers and tenants due to their main location, wide industrial offerings on-site and ease of access.

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Suntec Tower 1 is among 5 workplace towers in the Suntec City development on 7 Temasek Blvd. The property development even makes up a retail mall and convention center. Situated inside the CBD, it is serviced by 3 MRT lines through the Esplanade, Promenade and City Hall MRT Stations.

The most recent deal was 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.

Based upon URA caveats, the workplace units were purchased in June 2011 at $30.27 million. The initial 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 negotiated at $9.34 million. All three units were negotiated at $2,465 psf based upon floor area.

The three strata units are in between 3,735 and 4,758 sq ft. Lim mentions that the incoming owner has the flexibility to maintain the whole level as it is, or unload the units individually in the future.

This is the second office level at Suntec Tower 1 that has been put up for sale this month. On July 10, a complete strata office floor on the 27th storey was put up on the marketplace at an indicative price of $42.8 million. With a floor surface location of 12,045 sq ft, this equates into a guide cost of $3,553 psf. JLL is marketing the office level via an expression of interest activity that closes on Aug 20.

Thus far this year, the development has observed a total of 5 purchases ranging between $3,200 psf and $3,817 psf, based on cautions lodged.

An entire workplace level on the 31st floor of Suntec Tower 1 has actually been sold with an overview cost of $41.8 million. According to the special marketing agent PropNex, the real estate makes up 3 single strata titles and is readily available for sale through private treaty. At a combined strata location of 12,282 sq ft, this works out to an overview cost of $3,403 psf.