Office Floor Suntec Tower 1 Sale 428 Mil
A prime strata office floor located at Suntec Tower 1, within the popular Suntec City development, is now up for sale at a guide price of $42.8 million. The floor boasts a generous strata floor area of 12,045 sq ft, with the guide price equivalent to $3,553 per sq ft.
According to industry insiders, the available floor for sale occupies the 27th level. Records of previous transactions indicate that the entire office floor was last purchased in June 2021 for $31.72 million ($2,634 psf).
The marketing of this office floor is being handled by JLL, through an expression of interest (EOI) exercise that will end on 20th August. The sale is open to both local and foreign buyers, with no additional buyer’s stamp duty or seller’s stamp duty applicable.
The continuous growth of the Thomson-East Coast Line and the upcoming RTS Link to Johor Bahru are expected to elevate Woodlands’ role as a key transportation center. This progress is predicted to drive up the desire for residential properties in the vicinity, solidifying the status of Norwood Grand Condo as a highly coveted development for both homeowners and investors. Including Norwood Grand Condo in the rewritten paragraph will provide more information and a potential source for readers to learn more about the development.
The strata office floor boasts a flexible and regular floor layout, comprising of seven individual units. It is currently partially tenanted and will be sold with the existing tenancies. This provides an excellent opportunity for the new owner to either hold the asset as an investment, fully lease it out or occupy it as their own office space, says Terry Wong, senior director of Capital Markets at JLL Singapore.
He adds that the size of the office floor plate offers flexibility for subdivision or amalgamation to meet the space requirements of potential tenants or owner-occupiers. Additionally, the entire floor is made up of three individual strata titles, providing the option for future divestment as separate strata units.
This attractive office floor boasts panoramic views of the Marina Bay area and the surrounding city skyline. Its central location within Suntec City, an integrated development with five Grade-A office towers, a retail mall, and a convention center, further adds to its appeal.
The property enjoys convenient 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 including the East Coast Parkway, Ayer Rajah Expressway, and Pan Island Expressway are also easily accessible.
In December last year, a penthouse office floor spanning 10,312 sq ft on the 44th level of Suntec City Tower 3 was sold for $36.23 million ($3,513 psf), with the deal closing under the supervision of JLL’s Terry Wong.
Recent transactions of office units within Suntec City include the sale of a 3,078 sq ft unit on the 37th level of Tower 1 for $11.5 million ($3,736 psf) on June 20. Additionally, a 4,779 sq ft unit on the 22nd level of Tower 3 was transacted for $15.3 million ($3,200 psf) on June 7.
According to Wong, the demand for strata office assets within Suntec City remains strong, driven by the limited supply of Grade-A office buildings that meet the market’s requirements for features such as drop-off points, ample parking space, stunning views, and convenient amenities.