Strata Office Floor Suntec Tower 1 Sale 418 Mil
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Singapore’s Suntec Tower 1 is offering an entire office floor on the 31st storey for sale, with a guide price of $41.8 million. The property, which is being marketed exclusively by PropNex, consists of three individual strata titles and is available for purchase through private treaty. With a combined strata area of 12,282 sq ft, the guide price works out to $3,403 psf.
The leasehold for the office units is for 99 years starting from 1989, with a remaining lease of approximately 64 years. According to Henry Lim, associate district branch director of PropNex, the units are currently fully tenanted until October 2025, providing a monthly rental income of over $130,000. The tenant has also expressed interest in extending the lease.
The three strata units range in size from 3,735 to 4,758 sq ft each. Lim points out that the buyer has the option to keep the entire floor as it is or divest the units separately in the future.
Foreigners and companies do not have to pay additional buyer’s or seller’s stamp duty when purchasing commercial property in Singapore.
Based on URA caveats, the office units were last purchased in June 2011 for $30.27 million. The first unit of 4,758 sq ft was bought at around $11.7 million, the second unit of 3,735 sq ft at $9.2 million, and the third unit of 3,789 sq ft at $9.34 million. All three units were transacted at $2,465 psf based on floor area.
Suntec Tower 1 is one of five office towers in the Suntec City development, located at 7 Temasek Boulevard. The development also includes a retail mall and convention centre. Situated within the Central Business District, it is accessible through three MRT lines via the Esplanade, Promenade, and City Hall MRT stations.
This is the second office floor at Suntec Tower 1 to be put up for sale in July. On July 10, a full strata office floor on the 27th storey was made available with an indicative price of $42.8 million. With a floor area of 12,045 sq ft, this translates into a guide price of $3,553 psf. The office floor is being marketed by JLL through an expression of interest exercise, set to close on August 20.
So far this year, there have been five transactions in Suntec City, with prices ranging between $3,200 psf and $3,817 psf based on lodged caveats. The most recent sale was in June, when a 3,079 sq ft strata office unit on the 37th floor was sold for $11.5 million, or $3,736 psf.
Lim notes that Suntec City’s strata office spaces, especially those on high floors, are highly sought after by investors and occupiers due to their central location, extensive commercial offerings on-site, and convenient accessibility.