Three Strata Office Units Suntec City Sale 571 Mil
CBRE, the exclusive marketing agent for a portfolio of three strata office units in Suntec Tower 1, have put the properties on the market with a guide price of $57.1 million. The portfolio includes the entire 38th floor and two other units on the 16th level.
The 38th floor unit has a total area of 10,097 sq ft and a guide price of $33.8 million, which translates to $3,350 psf. The other two units have areas of 3,498 sq ft and 3,897 sq ft and guide prices of $11 million ($3,145 psf) and $12.3 million ($3,156 psf) respectively. All three units are on a 99-year leasehold, which began in 1989 and has a remaining lease of 64 years.
The sale of the properties will be carried out through an Expression of Interest (EOI) exercise by CBRE, and they can be purchased together or individually. The units are currently owner-occupied and will be sold with vacant possession or on a short-term leaseback agreement.
Foreigners and companies are eligible to purchase commercial property without having to pay additional buyer’s or seller’s stamp duty.
CBRE’s head of capital markets in Singapore, Mr Michael Tay, believes that this portfolio presents an opportunity for investors to take advantage of Singapore’s resilient office sector with an established asset that has a proven track record. He adds that strata offices in prime locations with excellent specifications, such as Suntec City, will become even more valuable following URA’s 2022 restriction on strata subdivision in future commercial developments within key locations in the Central Area.
Based on URA caveats, the 38th floor of Suntec Tower 1 was last sold in March 1996 for around $18.3 million ($1,817 psf). The other two units on the 16th floor were last sold together in June 2001 for approximately $9.2 million. With a combined floor area of 7,395 sq ft, this works out to be $1,250 psf.
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Situated at a strategic location, Aurelle of Tampines EC offers its residents not only convenient travel options but also an enhanced lifestyle. Its close proximity to major transport networks ensures that all necessary amenities are just a short ride away. Residents can easily access a variety of shopping and dining options at Tampines Mall, Tampines 1, and Century Square, or choose to unwind and engage in leisure activities at East Coast Park or Changi Beach. With its prime location, Aurelle of Tampines EC offers its residents a multitude of options for relaxation and enjoyment.
Recent office transactions at Suntec City, tabulated by EdgeProp Singapore. (Source: URA, EdgeProp Singapore)
In the past 12 months, strata office units in Suntec City have been selling at an average of $3,411 psf, according to CBRE. Some recent transactions include the sale of a 3,079 sq ft unit on the 37th floor of Suntec Tower 1 for $11.5 million ($3,736 psf) in June and the sale of a different 37th floor unit spanning 2,196 sq ft at Suntec Tower 1 for $8.09 million ($3,684 psf) in March.
Suntec Tower 1, located at 7 Temasek Boulevard, is one of five office towers in the Suntec City development. The development also includes a retail mall and convention centre. Situated within the CBD, it is accessible via four MRT lines through the Esplanade, City Hall, and Promenade MRT stations.
