Three Strata Office Units Suntec City Sale 571 Mil
A collection of three strata office units in Suntec Tower 1 is now available for purchase with a guide price of $57.1 million. The portfolio consists of the entire 38th floor and two other units on level 16.
The 38th floor unit, which spans about 10,097 sq ft, is priced at $33.8 million. This translates to $3,350 psf. The other two units, measuring 3,498 sq ft and 3,897 sq ft, have guide prices of $11 million ($3,145 psf) and $12.3 million ($3,156 psf) respectively. All three units have a 99-year leasehold tenure from 1989 with about 64 years remaining.
Marketing agent CBRE has announced that the sale will be conducted via an Expression of Interest (EOI) exercise, and buyers have the option to purchase all three units together or individually. The units are currently occupied by the owners and can be sold with vacant possession or on a short-term leaseback agreement.
Foreigners and companies are eligible to buy commercial properties without having to pay additional buyer’s or seller’s stamp duty.
CBRE’s head of capital markets in Singapore, Mr. Michael Tay, says that this portfolio provides an opportunity for investors to capitalize on Singapore’s resilient office sector with a high-quality asset that has a proven track record. He also adds that strata offices in prime locations with excellent specifications, such as Suntec City, will become even more valuable following the Urban Redevelopment Authority’s (URA) 2022 restriction on strata subdivision in future commercial developments in key locations within the Central Area.
According to URA caveats, the 38th floor unit of Suntec Tower 1 was last sold in March 1996 for approximately $18.3 million ($1,817 psf). The other two units on the 16th floor were last purchased together in June 2001 for about $9.2 million. With a combined floor area of 7,395 sq ft, this translates to $1,250 psf.
Recent office transactions at Suntec City, compiled by EP Buddy. (Source: URA, EdgeProp Singapore)
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Based on CBRE’s data, the average price of strata office units in Suntec City over the past 12 months is $3,411 psf. This includes the sale of a 3,079 sq ft unit on the 37th floor of Suntec Tower 1 for $11.5 million ($3,736 psf) in June, and another unit measuring 2,196 sq ft on the 37th floor of Suntec Tower 1, which was sold for $8.09 million ($3,684 psf) in March.
Suntec Tower 1, located at 7 Temasek Boulevard, is one of five office towers within the Suntec City development. The development also includes a retail mall and convention centre. Located in the CBD, it is conveniently served by four MRT lines via the Esplanade, City Hall, and Promenade MRT stations.
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