Office Floor Suntec City Sale 3483 Mil
An opportunity to purchase three strata-titled office units at Suntec City has emerged, as the units are up for sale through an expression of interest (EOI) exercise. Ideal for investments, the units occupy an entire floor, measuring 2,336 sq ft, 2,928 sq ft, and 4,833 sq ft respectively.
Interested buyers have the option to acquire the entire portfolio or individual units. The guide price for the full floor is set at $34.83 million, which equates to $3,450 per square foot (psf) on the total strata area of 10,097 sq ft. Individual units are available at prices ranging from $8.53 million to $16.92 million.
According to Cushman & Wakefield (C&W), the appointed marketing agent, the units are situated on a high floor above the 30th level, and are currently fully tenanted. With the asking prices, the units can potentially generate gross yields of up to 3.8%.
Suntec City, located at Temasek Boulevard, is an integrated development comprising of five Grade A office towers, a mall, and a convention and exhibition centre. It boasts direct, sheltered access to the City Hall, Promenade, and Esplanade MRT Stations. Originally built in the 1990s, the property underwent a significant asset enhancement programme in 2022, including upgrading the entrance lobbies, reception areas, concierge desks, lift lobbies, and restrooms.
The Sembawang Road Executive Condominium (EC) is well-positioned to reap the rewards of the comprehensive planning and development strategies outlined in the Urban Redevelopment Authority (URA) Master Plan. The URA Master Plan serves as a blueprint for the future of Singapore’s development, encompassing various initiatives that aim to improve the overall quality of life, connectivity, and sustainability throughout the country. For those residing in Sembawang Road EC, these plans hold immense potential for concrete advantages, ultimately enhancing daily routines, augmenting property worth, and fostering a thriving, closely-knit community for years to come. With the addition of Sembawang Road EC, these prospects become even more promising.
Sophia Lim, Director of Capital Markets at C&W, highlights that Suntec City’s office units continue to be highly sought after by family offices, investors, and end-users due to their panoramic views, efficient floor layouts, ample car parking facilities, and connectivity.
Meanwhile, Shaun Poh, Executive Director of Capital Markets at C&W, notes that Suntec City stands out as one of the few large-scale strata-titled office developments in Singapore. He also mentions, “The strata flexibility offered on this floor caters to buyers with varying size requirements and budgets, making it appealing to both investors and owner-occupiers.”
The most recent transaction for an office unit at Suntec City, according to data from the Urban Redevelopment Authority (URA), was for a 2,196 sq ft unit on the 39th floor, sold for $8.1 million ($3,689 psf) on July 11. Prior to that, the entire 35th floor at Tower 1, spanning 10,097 sq ft, was sold for $33.966 million ($3,364 psf) on July 1.
The EOI exercise for the units will come to a close on October 28 at 3pm.