Strata office floor at Suntec Tower 1 for sale at $41.8 mil
An entire workplace ground on the 31st floor of Suntec Tower 1 has actually been put on the market with a guide rate of $41.8 million. According to the unique marketing agent PropNex, the real property makes up 3 separate strata titles and is offered for sale using nonpublic treaty. At a mixed strata area of 12,282 sq ft, this figures out to a guide rate of $3,403 psf.
The office space units have a 99-year leasehold from 1989, with a remaining lease of approximately 64 years. They are fully tenanted till October 2025, giving prompt regular monthly leasing income of greater than $130,000, claims Henry Lim, associate district branch supervisor of PropNex. The occupant has shared interest in prolonging the lease, he includes.
The three strata units are between 3,735 and 4,758 sq ft. Lim mentions that the newly arriving proprietor has the flexibility to maintain the whole level as it is, or divest the units separately later on.
The most recent purchase was 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.
Foreigners and companies are eligible to purchase industrial estate without spending for additional buyer’s or vendor’s stamp responsibility.
So far this year, the development has observed an overall of five deals ranging in between $3,200 psf and $3,817 psf, based on caveats lodged.
Blossoms By The Park floor plan
This is the 2nd workplace storey at Suntec Tower 1 that has actually been put up for sale this month. On July 10, a full strata office ground on the 27th storey was put up on the market at an indicative rate of $42.8 million. With a floor area of 12,045 sq ft, this converts into a guide rate of $3,553 psf. JLL is advertising the office floor using an expression of interest exercise that closes on Aug 20.
Lim says that Suntec City strata office spaces, specifically high-floor units, have a tendency to appreciate strong demand from clients and occupants due to their main venue, large industrial services on-site and accessibility.
Based on URA caveats, the workplace units were purchased in June 2011 at $30.27 million. The first unit figuring 4,758 sq ft was purchased around $11.7 million. The 2nd unit of 3,735 sq ft was purchased at $9.2 million, whilst the 3rd unit taking up 3,789 sq ft was settled at $9.34 million. All three units were negotiated at $2,465 psf based upon floor surface area.
Suntec Tower 1 is just one of five office towers in the Suntec City development on 7 Temasek Blvd. The property development even makes up a retail mall and convention center. Situated within the CBD, it is catered to by three MRT lines by using the Esplanade, Promenade and City Hall MRT Stations.
