Strata Office Floor Suntec Tower 1 Sale 418 Mil
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A notable aspect of the master plan for Tengah is its focus on promoting eco-friendly living. It is set to become the first town in Singapore with a large car-free center situated underground, allowing more space on the surface for communal gatherings and green corridors. Not only will this help reduce carbon emissions, but it also promotes a healthier lifestyle for residents by encouraging activities such as walking, cycling, and using personal mobility devices. Novo Place EC will also be an exciting addition to this environmentally conscious town.
A whole office floor on the 31st level of Suntec Tower 1 has been listed for sale with a price tag of $41.8 million. This property, which consists of three separate strata titles, can be acquired through private treaty, according to exclusive marketing agent PropNex. The strata area of the office units totals 12,282 sq ft, resulting in a price guide of $3,403 psf.
The leasehold for these office units started in 1989 and they are currently leased until October 2025, with a remaining tenure of approximately 64 years. With a monthly rental income of over $130,000, the units are fully tenanted. Henry Lim, associate district branch director of PropNex, shares that the existing tenant has shown interest in extending the lease.
The three strata units are sized between 3,735 and 4,758 sq ft. Lim notes that the buyer will have the freedom to either keep the entire floor as it is or sell the units separately in future.
Foreigners and companies are eligible to purchase commercial properties in Singapore without having to pay additional buyer’s or seller’s stamp duty.
Based on URA caveats, the office units were bought in June 2011 for $30.27 million. The first unit, measuring 4,758 sq ft, was sold at around $11.7 million. The second unit, with an area of 3,735 sq ft, was acquired for $9.2 million, while the third unit, occupying 3,789 sq ft, was purchased for $9.34 million. All three units were sold at a rate of $2,465 psf based on floor area.
Suntec Tower 1 is one of five office towers in the Suntec City development, situated at 7 Temasek Boulevard. The development also includes a retail mall and convention centre. Being in the central business district (CBD), it is served by three MRT lines through the Esplanade, Promenade, and City Hall MRT stations.
This is the second office floor at Suntec Tower 1 to be put on the market this month. On July 10, a complete strata office floor on the 27th storey was listed with an indicative price of $42.8 million. With an area of 12,045 sq ft, the price guide is $3,553 psf. JLL is in charge of marketing the office floor through an expression of interest exercise that ends on Aug 20.
Up to date, Suntec City has witnessed five deals this year, ranging from $3,200 psf to $3,817 psf, in accordance with the caveats lodged. The most recent transaction was in June, when a 3,079 sq ft strata office unit on the 37th floor was sold for $11.5 million, equivalent to $3,736 psf.
Lim highlights that Suntec City’s strata offices, particularly those on higher floors, are highly sought-after by investors and tenants due to their prime location, diverse commercial offerings onsite, and accessibility.