Strata office floor at Suntec Tower 1 for sale at $41.8 mil
A whole workplace floor on the 31st storey of Suntec Tower 1 has been put on the market with an overview cost of $41.8 million. According to the special marketing broker PropNex, the real estate consists of 3 separate strata titles and is available for sale through nonpublic treaty. At a consolidated strata place of 12,282 sq ft, this works out to a guide price of $3,403 psf.
Foreigners and firms are suitable to buy industrial estate without paying for additional buyer’s or vendor’s stamp responsibility.
This is the second workplace storey at Suntec Tower 1 that has actually been offered this month. On July 10, a full strata workplace floor on the 27th storey was put up on the market at a suggestive rate of $42.8 million. With a floor area of 12,045 sq ft, this translates right into a guide cost of $3,553 psf. JLL is promoting the office level via an expression of interest activity that closes on Aug 20.
The office units have a 99-year leasehold from 1989, with a remaining lease of about 64 years. They are completely tenanted till October 2025, providing prompt month-to-month leasing income of much more than $130,000, states Henry Lim, associate area branch director of PropNex. The occupant has shared interest in extending the rent, he includes.
Lim claims that Suntec City strata office, specifically high-floor units, often tend to relish solid demand from investors and occupants because of their central site, broad business offerings on-site and ease of access.
Suntec Tower 1 is just one of 5 workplace towers in the Suntec City property development on 7 Temasek Blvd. The property development also makes up a retail mall and convention centre. Located inside of the CBD, it is serviced by 3 MRT lines via the Esplanade, Promenade and City Hall MRT Stations.
The three strata units are in between 3,735 and 4,758 sq ft. Lim mentions that the newly arriving owner has the adaptability to make the whole level as it is, or divest the units separately later on.
The most recent purchase remained in June, when a 3,079 sq ft strata office unit on the 37th ground changed hands for $11.5 million, or $3,736 psf.
Based upon URA caveats, the workplace units were acquired in June 2011 at $30.27 million. The initial unit figuring 4,758 sq ft was purchased around $11.7 million. The second unit of 3,735 sq ft was purchased 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 on floor surface area.
Until now this year, the project has viewed an overall of five purchases ranging in between $3,200 psf and $3,817 psf, based on caveats lodged.
