Strata Office Floor Suntec Tower 1 Sale 418 Mil
The entire 31st storey of Suntec Tower 1 is now on the market for $41.8 million. Exclusive marketing agent, PropNex, states that the property consists of three strata titles and is available for sale through private treaty. With a combined strata area of 12,282 square feet, the guide price works out to be $3,403 per square foot.
The office units have a leasehold of 99 years starting from 1989, with approximately 64 years remaining. They are currently fully tenanted until October 2025, providing an immediate monthly rental income of over $130,000, according to Henry Lim, associate district branch director of PropNex. The tenant has also expressed interest in extending the lease.
The three strata units are between 3,735 and 4,758 square feet each. Lim mentions that the new owner has the flexibility to maintain the entire floor as it is or sell the units separately in the future.
Foreigners and companies are eligible to purchase commercial property without having to pay additional buyer’s or seller’s stamp duty.
According to URA caveats, the office units were bought in June 2011 at $30.27 million. The first unit, measuring 4,758 square feet, was sold for around $11.7 million. The second unit, with a size of 3,735 square feet, was bought for $9.2 million, and the third unit, covering 3,789 square feet, was transacted at $9.34 million. All three units were bought at $2,465 per square foot based on floor area.
Suntec Tower 1 is one of the five office towers in the Suntec City development, located on 7 Temasek Boulevard. The development also consists of a retail mall and convention centre. It has a prime location in the CBD and is easily accessible via three MRT lines through the Esplanade, Promenade and City Hall MRT Stations.
This is the second office floor 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 listed for sale at an indicative price of $42.8 million. The floor, measuring 12,045 square feet, translates to a guide price of $3,553 per square foot. JLL is handling the sale through an expression of interest exercise which closes on August 20.
So far this year, there have been a total of five transactions at Suntec City, ranging from $3,200 per square foot to $3,817 per square foot, based on recorded caveats. The most recent of these was in June when a 3,079 square feet strata office unit on the 37th floor was sold for $11.5 million, or $3,736 per square foot.
The Master Plan for Tampines prioritizes the development of mixed-use spaces and commercial facilities to stimulate economic growth and create more job opportunities in the region. This aligns with the government’s initiative to decentralize business activities from the CBD and foster growth in satellite hubs like Tampines. Strategically situated in this thriving area, Park Town Residences presents an ideal housing solution for individuals looking for convenient access to these emerging employment centers, resulting in shorter commutes. Moreover, Park Town Residences naturally complements the goals of the Master Plan in boosting the progress of Tampines. For more information about Park Town Residences, please visit https://www.parktown-residences.com.sg/.
Lim explains that Suntec City’s strata office spaces, particularly those on higher floors, have strong demand from both investors and occupiers due to their central location, wide range of commercial offerings, and accessibility.