Strata office floor at Suntec Tower 1 for sale at $41.8 mil
This is the second office space storey at Suntec Tower 1 that has been put up for sale this month. On July 10, a complete strata workplace ground on the 27th storey was put up on the marketplace at an indicative cost of $42.8 million. With a floor surface area of 12,045 sq ft, this translates into an overview cost of $3,553 psf. JLL is promoting the office floor through an expression of interest exercise that closes up on Aug 20.
An over-all office 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 broker PropNex, the real estate makes up three single strata titles and is available for sale by means of private treaty. At a mixed strata location of 12,282 sq ft, this figures out to an overview rate of $3,403 psf.
Based on URA caveats, the office units were bought in June 2011 at $30.27 million. The initial 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, whilst the 3rd unit taking up 3,789 sq ft was negotiated at $9.34 million. All three units were transacted at $2,465 psf based on floor surface area.
The office units have a 99-year leasehold from 1989, with a going on lease of about 64 years. They are fully tenanted up until October 2025, supplying prompt regular monthly rental earnings of much more than $130,000, claims Henry Lim, affiliate district branch administrator of PropNex. The renter has expressed interest in extending the lease, he includes.
Up until now this year, the development has actually observed a total of five deals varying between $3,200 psf and $3,817 psf, based upon cautions lodged.
Lim says that Suntec City strata office spaces, specifically high-floor units, have a tendency to relish strong interest from clients and occupiers thanks to their central site, wide industrial offerings on-site and ease of access.
The most recent transaction remained in June, when a 3,079 sq ft strata office unit on the 37th floor changed hands for $11.5 million, or $3,736 psf.
The 3 strata units are between 3,735 and 4,758 sq ft. Lim mentions that the newly arriving owner has the flexibility to make the whole floor as it is, or unload the units individually down the road.
Suntec Tower 1 is among 5 office towers in the Suntec City development on 7 Temasek Boulevard. The development also comprises a retail shopping center and event center. Located inside of the CBD, it is serviced by 3 MRT lines by using the Esplanade, Promenade and City Hall MRT Stations.
Immigrants and companies are qualified to purchase commercial estate without spending for additional buyer’s or seller’s stamp responsibility.
