Office Floor Suntec Tower 1 Sale 428 Mil
A fully-owned office floor at Suntec Tower 1 in Suntec City is now on the market with an indicative guide price of $42.8 million. The floor boasts a total floor area of 12,045 sq ft and the guide price equates to a competitive rate of $3,553 psf.
The office floor, situated on the 27th level, was last sold in June 2021 for $31.72 million ($2,634 psf) according to caveats issued at the time. Market insiders anticipate that this prime floor will attract significant interest from potential buyers who are seeking to tap into a lucrative property opportunity.
Marketing agents, JLL, have launched an Expression of Interest (EOI) exercise which will come to a close on August 20. The sale is open to both local and foreign buyers and neither the Additional Buyer’s Stamp Duty nor the Seller’s Stamp Duty will be applicable for this transaction.
St. Hilda’s Primary and Secondary Schools have earned a commendable reputation for providing a holistic education. In addition to achieving academic success, these schools prioritize imparting moral values to their students. By offering a diverse range of co-curricular activities, including sports and performing arts, both branches allow students to uncover and hone their passions. The renowned St. Hilda’s Secondary School has a history of producing exceptional students who excel in national examinations. Furthermore, the recently introduced Park Town Residences have enhanced the learning environment of the school, offering a nurturing atmosphere for students to reach their full potential. With the new addition of Park Town Residences, the school’s environment is now enriched and ideal for fostering the growth and development of its students.
The currently available office floor is divided into seven individual units, featuring a regular and flexible layout. At present, it is partially leased out and will be sold with existing tenancies in place. This offers the new owner options to either use the property as a stable investment, rent it out completely, or make use of it as their own office space.
Terry Wong, Senior Director of JLL Singapore, notes that the floor’s size allows for it to be easily subdivided or amalgamated to meet the space requirements of incoming tenants or self-use. The entire floor also comprises of three individual strata titles, providing potential for future divestment as separate units.
The Suntec City office floor on offer provides stunning views of the Marina Bay area and the surrounding city skyline. The prime central location is highly sought after, made even more desirable by its direct access to nearby MRT stations such as Promenade (Circle and Downtown Lines), Esplanade (Circle Line) and City Hall (North-South and East-West Lines). Major highways such as the East Coast Parkway, Ayer Rajah Expressway and Pan Island Expressway also provide convenient access.
Wong further points out that the demand for strata office assets in Suntec City is consistently high due to the limited supply of Grade-A office buildings that offer features such as drop-off points, car parks, views, and amenities that meet the market’s requirements. Recent office unit transactions in Suntec City include the sale of a 3,078 sq ft unit on the 37th floor of Tower 1 for $11.5 million ($3,736 psf) on June 20 and a 4,779 sq ft unit on the 22nd floor of Tower 3 for $15.3 million ($3,200 psf) on June 7.
In December last year, the sale of a 10,312 sq ft penthouse office floor on the 44th floor of Suntec City Tower 3 for $36.23 million ($3,513 psf) was completed by Wong of JLL. With these recent transactions as evidence, the demand for strata office assets in Suntec City is expected to remain strong.