Strata office floor at Suntec Tower 1 for sale at $41.8 mil
Foreigners and firms are qualified to acquire industrial real estate without spending for additional purchaser’s or vendor’s stamp duty.
Until now this year, the project has actually viewed a total amount of five purchases ranging in between $3,200 psf and $3,817 psf, based upon caveats lodged.
A whole workplace level on the 31st storey of Suntec Tower 1 has actually been put on the market with an overview price of $41.8 million. According to the special advertising and marketing broker PropNex, the property consists of 3 individual strata titles and is available for sale via nonpublic treaty. At a mixed strata area of 12,282 sq ft, this works out to an overview cost of $3,403 psf.
Lim claims that Suntec City strata office, specifically high-floor units, have a tendency to appreciate strong demand from buyers and tenants thanks to their main venue, wide commercial offers on-site and access.
Suntec Tower 1 is just one of five workplace towers in the Suntec City development on 7 Temasek Boulevard. The property development even comprises a retail shopping center and convention hub. Found within the CBD, it is serviced by 3 MRT lines via the Esplanade, Promenade and City Hall MRT Stations.
The office space units have a 99-year leasehold from 1989, with a remaining lease of about 64 years. They are totally tenanted until October 2025, providing instant regular monthly leasing income of more than $130,000, says Henry Lim, affiliate area branch supervisor of PropNex. The renter has expressed interest in expanding the lease, he adds.
This is the 2nd office space floor at Suntec Tower 1 that has actually 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 an indicative rate of $42.8 million. With a floor area of 12,045 sq ft, this converts right into an overview cost of $3,553 psf. JLL is promoting the workplace level through an expression of interest activity that closes up on Aug 20.
Lakegarden Residences Singapore
Based on URA caveats, the workplace units were bought in June 2011 at $30.27 million. The first unit measuring 4,758 sq ft was bought at around $11.7 million. The 2nd unit of 3,735 sq ft was bought at $9.2 million, while the third unit occupying 3,789 sq ft was settled at $9.34 million. All three units were transacted at $2,465 psf based on floor surface area.
One of the most current purchase 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.
The 3 strata units are between 3,735 and 4,758 sq ft. Lim notes that the incoming proprietor has the adaptability to make the entire level as it is, or divest the units separately in the future.
