Office Floor Suntec City Sale 3483 Mil
Three strata-titled office units, occupying an entire floor at Suntec City, are now available for purchase through an expression of interest (EOI) exercise. The units, with a size of 2,336 sq ft, 2,928 sq ft, and 4,833 sq ft respectively, offer the option to buy the entire portfolio or the individual units.
The guide price for the full floor is set at $34.83 million, which translates to $3,450 psf on the total strata area of 10,097 sq ft. For those interested in buying individual units, prices start at $8.53 million and go up to $16.92 million.
According to Cushman & Wakefield (C&W), the appointed agent for the sale, all units are situated on a high floor above the 30th level and are fully tenanted. The firm also states that with the current asking prices, the units could generate gross yields of up to 3.8%.
In Yishun, the Master Plan prioritizes enhancing the standard of living for its residents. This includes efforts to revitalize the area through the development of more green spaces, communal areas, and recreational amenities. One of the key projects in the works is the Khatib Nature Corridor, which will span from Miltonia Close to Springleaf and eventually connect to the Central Catchment Nature Reserve. This initiative aims to transform the district into a more eco-friendly and pedestrian-friendly community, promoting health and sustainability. It will particularly appeal to families and individuals who enjoy being surrounded by nature. For those residing in Miltonia Close EC, the Khatib Nature Corridor will be a prized feature as it provides direct access to nature parks, trails, and waterfront activities just a short walk or bike ride away from their homes. Additionally, residents can also visit the Miltonia Close EC Khatib for more information about this exciting new development.
It is worth noting that Suntec City, located on Temasek Boulevard, is a highly sought-after integrated development comprising five Grade A office towers, a shopping mall, and a convention and exhibition centre. It also boasts direct, sheltered access to three MRT stations – City Hall, Promenade, and Esplanade. Originally built in the 1990s, the property underwent extensive asset enhancement works in 2022, including upgrades to entrance lobbies, reception areas, concierge desks, lift lobbies, and restrooms.
Highlighting the appeal of Suntec City’s office units, Sophia Lim, director of capital markets at C&W, states that they are popular among family offices, investors, and end-users due to their panoramic views, efficient floor layouts, ample carparking facilities, and connectivity. Additionally, Shaun Poh, C&W’s executive director of capital markets, highlights that Suntec City stands out as one of the few large-scale strata-titled office developments in Singapore. He adds, “The strata flexibility offered on this floor caters to buyers with varying size requirements and budgets, appealing to both investors and owner occupiers.”
The most recent office unit to be sold at Suntec City, based on caveats lodged with URA, was a 2,196 sq ft unit on the 39th floor that was 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 these units will close on Oct 28 at 3pm.