Strata office floor at Suntec Tower 1 for sale at $41.8 mil
The most recent transaction was 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.
The three strata units are between 3,735 and 4,758 sq ft. Lim indicates that the incoming owner has the adaptability to keep the entire floor as it is, or divest the units individually later on.
A whole workplace floor on the 31st floor of Suntec Tower 1 has actually been sold with a guide cost of $41.8 million. According to the unique promotion broker PropNex, the real estate consists of three single strata titles and is offered available for sale via exclusive treaty. At a consolidated strata area of 12,282 sq ft, this works out to a guide rate of $3,403 psf.
Immigrants and business are eligible to buy business real estate without paying for additional customer’s or seller’s stamp duty.
This is the 2nd workplace level at Suntec Tower 1 that has been offered this month. On July 10, a full strata workplace ground on the 27th storey was put up on the marketplace at an indicative rate of $42.8 million. With a floor location of 12,045 sq ft, this equates right into an overview rate of $3,553 psf. JLL is advertising the office floor using an expression of interest activity that closes on Aug 20.
The office units have a 99-year leasehold from 1989, with a going on lease of about 64 years. They are totally tenanted until October 2025, supplying immediate monthly leasing earnings of more than $130,000, says Henry Lim, associate district branch supervisor of PropNex. The lessee has actually expressed interest in extending the lease, he adds.
Lim claims that Suntec City strata office, particularly high-floor units, have a tendency to enjoy solid demand from clients and occupiers due to their central location, broad industrial offers on-site and accessibility.
So far this year, the development has observed an overall of five purchases ranging between $3,200 psf and $3,817 psf, based on cautions lodged.
Based on URA caveats, the workplace units were bought in June 2011 at $30.27 million. The very first unit measuring 4,758 sq ft was bought at about $11.7 million. The 2nd unit of 3,735 sq ft was bought at $9.2 million, while the 3rd unit occupying 3,789 sq ft was negotiated at $9.34 million. All 3 units were settled at $2,465 psf based on floor surface area.
Suntec Tower 1 is among 5 workplace towers in the Suntec City development on 7 Temasek Boulevard. The development also comprises a retail shopping mall and convention center. Located inside the CBD, it is served by 3 MRT lines via the Esplanade, Promenade and City Hall MRT Stations.
