Strata office floor at Suntec Tower 1 for sale at $41.8 mil
The office units have a 99-year leasehold from 1989, with a standing lease of around 64 years. They are totally tenanted till October 2025, giving immediate monthly rental earnings of more than $130,000, says Henry Lim, associate area branch director of PropNex. The occupant has actually shown interest in prolonging the lease, he adds.
One of the most current transaction was in June, when a 3,079 sq ft strata office unit on the 37th ground shifted hands for $11.5 million, or $3,736 psf.
An entire office floor on the 31st floor of Suntec Tower 1 has been sold with an overview price of $41.8 million. According to the special marketing agent PropNex, the property consists of three separate strata titles and is offered for sale through exclusive treaty. At a mixed strata location of 12,282 sq ft, this works out to a guide price of $3,403 psf.
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The 3 strata units are between 3,735 and 4,758 sq ft. Lim notes that the newly arriving proprietor has the adaptability to make the whole floor as it is, or divest the units independently down the road.
This is the 2nd office space level at Suntec Tower 1 that has been put up for sale this month. On July 10, a complete strata workplace floor on the 27th floor was put up on the marketplace at a suggestive rate of $42.8 million. With a floor surface area of 12,045 sq ft, this translates right into a guide price of $3,553 psf. JLL is promoting the office floor by means of an expression of interest exercise that closes up on Aug 20.
Lim states that Suntec City strata office spaces, especially high-floor units, tend to enjoy solid appeal from investors and occupiers because of their main location, large industrial services on-site and accessibility.
Thus far this year, the development has viewed an overall of five deals ranging between $3,200 psf and $3,817 psf, based on cautions lodged.
Immigrants and firms are suitable to buy industrial real estate without paying for additional purchaser’s or vendor’s stamp obligation.
Based upon URA caveats, the office units were acquired in June 2011 at $30.27 million. The very first unit figuring 4,758 sq ft was bought at around $11.7 million. The second unit of 3,735 sq ft was bought at $9.2 million, whereas the 3rd unit taking up 3,789 sq ft was negotiated at $9.34 million. All three units were settled at $2,465 psf based on floor surface area.
Suntec Tower 1 is one of 5 office towers in the Suntec City development on 7 Temasek Boulevard. The property development even consists of a retail mall and convention hub. Situated within the CBD, it is catered to by three MRT lines via the Esplanade, Promenade and City Hall MRT Stations.
