Ravi Chandran
The high-floor strata office has an indicative price of approximately S$3,050 per sq ft on strata area
CBRE announced on 28 April that an entire strata floor at Suntec Tower 2 is available for sale via Expression of Interest (EOI). CBRE which is the exclusive marketing agent for the sale said the EOI exercise will close on 3 June 2021 at 3pm.
Spanning a strata area of 12,281 sq ft, the high-floor strata office is located on a high zone above Level 30. It features excellent Grade A office specifications – including an exclusive lift lobby frontage, a regular and column-free layout, a generous floor-to-ceiling height and a magnificent view of the surrounding cityscape sprawling out to sea.
The entire high-floor strata office is currently fully leased, with elegant furnishings.
Meanwhile, occupiers at Suntec Tower 2 enjoy the benefits of an impressive lobby with entry to offices via security gantries, as well as concierge services.
Suntec City is a landmark development in the Marina area, comprising a convention and exhibition centre, four 45-storey and an 18-storey Grade A office towers, a shopping and entertainment mall known to be one of Singapore’s largest, and more than 3,200 carpark lots. Having undergone a massive S$410 million asset enhancement initiative, Suntec City has transformed into a more vibrant shopping and entertainment destination for both shoppers and the office crowd working in the vicinity.
Mr Clemence Lee, Senior Director of Capital Markets at CBRE said, “High-floor office space that also have the benefits of an exclusive lift lobby and a panoramic view of the surroundings are typically highly sought after, as such space are seldom made available for sale.”
The high-floor strata office has an indicative price of S$37.5 million (approximately S$3,050 per sq ft on strata area).
Mr Lee added, “The last office floor sold at Suntec Towers was Suntec Tower 2 Level 33 at S$38 million (S$3,209 per sq ft on strata area) in January 2020. In comparison, the indicative price of the subject property is extremely attractive.
“We expect strong interest from investors such as boutique real estate funds, family offices and high-net-worth individuals. As the lease is expiring by end of the year, the office floor will be also suitable for owner-occupiers seeking immediate occupation within Suntec Towers.”
Other office unit transactions at Suntec Towers include Suntec Tower 1 #21-03 at S$2,900 per sq ft in February 2021, Suntec Tower 2 #37-01 at S$2,965 per sq ft in January 2021 and Suntec Tower 1 #43-04 at S$3,443 per sq ft in August 2020.
Both locals and foreigners are eligible to purchase the high-floor strata office, which is zoned for “commercial” use. There will be no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty imposed on the purchase.
Mr Paul Ho, chief Mortgage Officer at iCompareLoan, said: “the high-floor strata office at Suntec Tower Two is coming to the market at a time when sales of offices in Suntec City are robust. There have been at least five transactions recently concluded in Tower 1. The latest unit sold on the 37th storey transacted at S$2,890 psf in May last year, while another unit on the 33rd storey in Tower 2 also transacted at a high of S$3,209 psf earlier in January 2020.”
“The guide price of $3,050 psf on strata area for the high-floor strata office at Suntec Tower Two is reflective of current market sentiments. The offering is likely to appeal to owner-occupiers and investors, who believe in commercial properties as safe haven assets.”
Strata offices in Suntec City are highly sought after due to the asset’s convenient location, column-free layout, wide spectrum of amenities at its doorstep and its panoramic views of the city skyline, Marina Bay and the Singapore Sports Hub. Given Suntec’s stellar reputation as a Grade A commercial development that consistently attracts the very best MNCs to set up shop, investors are always on the look out to acquire such prime assets.
Suntec City is a major mixed-use development located in Marina Centre, a subzone of the Downtown Core in Singapore, which combines a shopping mall, office buildings, and a convention centre. Construction began on 18 January 1992 (with earthworks) followed by full completion and opening on 22 July 1997.
Suntec City was designed by Tsao & McKown Architects with emphasis on Chinese feng shui. The five buildings and the convention center are arranged so that they look like a left hand when viewed aerially. The Fountain of Wealth appears like a golden ring in the palm of the hand. As the fountain is made of bronze, it is believed that the balance of metal and water paves the way for success. Further, the specially selected Chinese name, 新达, means “new achievement”.
The Suntec office towers comprise five buildings named Towers One through Five with four containing 45 stories and one 18 stories. The latter has 28,000 square feet of net lettable floor area on each floor while the 45-storey towers consist of floor plates ranging from 10,000 to 14,000 square feet. In total, there are about 2.3 million square feet of office space. Tower One to Four is 45-storey representing the 4 fingers and Tower 5 is 18-storey representing the thumb.
Suntec City Office Towers houses a number of foreign diplomatic/non-diplomatic missions that are resident in Singapore. Embassy of Spain on the 39th floor of Tower 1, Hong Kong Economic and Trade Office on the 34th floor of Tower 2, Embassy of Rwanda on the 14th floor of Tower 3, Embassy of Chile on the 24th floor of Tower 3, Embassy of Qatar on the 41st floor of Tower 3, and the Taiwan Trade Center on the 9th floor of Tower 4.
- The Urban Redevelopment Authority (URA) mentioned Suntec City as one of the largest commercial developments in Singapore.
- Suntec City was awarded two FIABCI Prix d’ Excellence awards for excellence in all aspects of real estate development (Overall winner and Commercial / Retail winner) in 1999. Suntec has claimed other prizes, including the 1998 Tourism Award from the Singapore Tourism Board.
- Suntec City has been featured three times on The Amazing Race reality television show. Once on the US version Season 3 and twice on the Asian version in both Season 1 and Season 2.
