Strata office floor at Suntec Tower 1 for sale at $41.8 mil
Suntec Tower 1 is among five office towers in the Suntec City property development on 7 Temasek Boulevard. The development also comprises a retail shopping center and event center. Situated within the CBD, it is served by 3 MRT lines through the Esplanade, Promenade and City Hall MRT Stations.
One of the most current deal remained in June, when a 3,079 sq ft strata office unit on the 37th storey shifted hands for $11.5 million, or $3,736 psf.
Thus far this year, the development has actually viewed a total amount of 5 deals ranging between $3,200 psf and $3,817 psf, based on cautions lodged.
The workplace units have a 99-year leasehold from 1989, with a going on lease of around 64 years. They are totally tenanted until October 2025, providing instant monthly rent earnings of more than $130,000, states Henry Lim, affiliate district branch administrator of PropNex. The renter has expressed interest in prolonging the contract, he adds.
The three strata units are in between 3,735 and 4,758 sq ft. Lim indicates that the incoming proprietor has the adaptability to keep the whole storey as it is, or unload the units independently later on.
Lim says that Suntec City strata office spaces, especially high-floor units, often tend to enjoy solid appeal from investors and tenants thanks to their central location, large industrial services on-site and ease of access.
A whole office level on the 31st floor of Suntec Tower 1 has been put on the market with a guide cost of $41.8 million. According to the exclusive advertising and marketing broker PropNex, the real estate makes up three single strata titles and is available to sell via private treaty. At a consolidated strata location of 12,282 sq ft, this figures out to an overview price of $3,403 psf.
Foreigners and firms are suitable to buy industrial property without paying for additional buyer’s or vendor’s stamp responsibility.
Residence at W condo floor plan
Based upon URA caveats, the workplace units were purchased in June 2011 at $30.27 million. The very first unit measuring 4,758 sq ft was purchased about $11.7 million. The 2nd unit of 3,735 sq ft was purchased at $9.2 million, while the third unit covering 3,789 sq ft was negotiated at $9.34 million. All 3 units were negotiated at $2,465 psf based on floor surface area.
This is the second office storey at Suntec Tower 1 that has been put up for sale this month. On July 10, a full strata office floor on the 27th storey was put up on the marketplace at a suggestive 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 promoting the office floor through an expression of interest activity that closes on Aug 20.