A full office floor in Suntec Tower 1 has been put up for sale at a guide price of $41.8 million. The property, marketed by PropNex via private treaty, consists of three separate strata titles and covers a total area of 12,282 sq ft. This translates to an average price of $3,403 per square foot (psf).
According to URA caveats, these office units were originally purchased in June 2011 for a combined price of $30.27 million. The breakdown of the original purchases includes a 4,758 sq ft unit bought for approximately $11.7 million, a 3,735 sq ft unit acquired for $9.2 million, and a 3,789 sq ft unit purchased for $9.34 million. All three units were bought at an average price of $2,465 psf based on their floor area.
So far in 2024, Suntec City has seen five transactions ranging between $3,200 psf and $3,817 psf, as per the lodged caveats.
This recent listing follows closely on the heels of another office floor sale in the same building. On July 10th, a full office floor on the 27th floor of Suntec Tower 1 was listed at an indicative price of $42.8 million. With a floor area of 12,045 sq ft, this equated to a price of $3,553 psf. JLL is handling the sale through an expression of interest that closes on August 20th.
Emerald of Katong Location and Amenities
The office units in Suntec Tower 1 have a 99-year leasehold tenure starting from 1989, leaving about 64 years on the lease. The units are currently fully tenanted until October 2025, generating a steady monthly rental income of over $130,000. According to Henry Lim, Associate District Director at PropNex, the current tenant has expressed interest in extending the lease.
The most recent transaction in the building occurred in June, when a 3,079 sq ft office unit on the 37th floor was sold for $11.5 million, or $3,736 psf.
Lim highlights that strata office units in Suntec City, particularly those on higher floors, are highly sought after by both investors and occupiers. The development’s central location, wide range of commercial amenities, and connectivity via three MRT lines—Esplanade, Promenade, and City Hall—contribute to its appeal.
Suntec Tower 1 is one of five office towers within the larger Suntec City development, located at 7 Temasek Boulevard. The development also includes a retail mall and convention center, making it a prime commercial hub in the Central Business District (CBD).
The three strata units available for sale range in size from 3,735 sq ft to 4,758 sq ft. Lim notes that the prospective buyer has the option to retain the entire floor as a single entity or to sell off the individual units separately in the future.