Strata Office Floor Suntec Tower 1 Sale 418 Mil
A whole office floor at Suntec Tower 1, located on the 31st storey, is now available for sale with a guide price of $41.8 million. According to PropNex, the exclusive marketing agent, the property consists of three individual strata titles and is being offered for sale through private treaty. This combined strata area measures 12,282 sq ft, amounting to a guide price of $3,403 psf.
The office units have a leasehold of 99 years starting from 1989, with approximately 64 years remaining. They are currently tenanted until October 2025, generating a monthly rental income of over $130,000. PropNex’s associate district branch director, Henry Lim, states that the tenant has shown interest in extending the lease.
The three strata units range from 3,735 to 4,758 sq ft. Lim also mentions that the new owner has the flexibility to keep the entire floor as it is or divest 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.
Based on URA caveats, the office units were acquired in June 2011 for $30.27 million. The first unit, measuring 4,758 sq ft, was purchased for approximately $11.7 million. The second unit, spanning 3,735 sq ft, was bought for $9.2 million, while the third unit, occupying 3,789 sq ft, was sold for $9.34 million. The average price per square foot for all three units was $2,465, based on floor area.
Suntec Tower 1 is one of five office towers within the Suntec City development, situated on 7 Temasek Boulevard. The development also includes a retail mall and convention centre. Located within the CBD, it is easily accessible via three MRT lines – Esplanade, Promenade, and City Hall MRT Stations.
Interestingly, 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 on the market with an indicative price of $42.8 million. With a floor area of 12,045 sq ft, this translates to a guide price of $3,553 psf. JLL is managing the sale of the office floor through an expression of interest, ending on August 20.
To date, there have been five transactions at Suntec Tower 1 this year, ranging from $3,200 psf to $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 purchased for $11.5 million, or $3,736 psf.
Situated along the Thomson-East Coast Line (TEL), the Lentor MRT station brings convenience and accessibility to the residents of Thomson Modern. With its strategic location, the station serves as a vital transportation link to the northern and central areas of Singapore, making it a popular choice for commuters. It also provides direct connections to the Woodlands Regional Centre and the upcoming Johor Bahru-Singapore Rapid Transit System, making travel more convenient for passengers. Furthermore, being easily accessible from this station is the future Aurelle of Tampines at Tampines Street 62, making it the perfect location for both locals and tourists alike. Aurelle of Tampines at Tampines Street 62 offers a wide range of amenities to enhance the overall experience for those living and visiting in the area.
Lim notes that Suntec City’s strata office spaces, particularly high-floor units, are highly sought after by both investors and occupiers due to their prime location, diverse commercial offerings on-site, and convenient accessibility.
