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News Release

Singapore

Premium high floor strata office at Suntec Tower 3 with unobstructed sea views up for sale

Indicative price at $11.6 million or $2,750 per sq ft


Singapore, 27 September 2017 – JLL, as the exclusive marketing agent, is inviting offers through an Expression of Interest (EOI) exercise for the purchase of a premium lift lobby fronting high floor strata office unit located in Suntec Tower 3 – one of Singapore’s landmark developments in the Marina Centre precinct. 


The strata office unit is located on level 29 of Suntec Tower 3 and has a total strata area of approximately 4,219 sq ft. The column-free unit with generous ceiling height is fitted exquisitely and possesses a panoramic unobstructed sea and city views. The unit has a prominent lift lobby frontage which allows for excellent signage visibility for the new purchaser. The unit is regular and column free allowing for efficient use of the space. The property is to be sold either with vacant possession or with a sale-and-leaseback arrangement at 4.0 per cent gross yield. 


Suntec City is an iconic integrated development which comprises of a world class convention and exhibition centre, four 45-storey Grade A office towers, an 18-storey office tower block and one of the largest shopping malls in Singapore which offers a huge range of retail, recreational, entertainment and dining options and a basement parking for more than 3,000 vehicles. The integrated development recently underwent a $410 million refurbishment work, which will make Suntec City a more vibrant and exciting shopping destination. The office towers at the development houses a diverse tenant mix with strong covenants. Major tenants of the development includes multinational corporations, law firms, financial firms, technology firms and foreign embassies.


Suntec City is strategically located at the junction of Nicoll Highway and Raffles Boulevard within the Central Business District. The development is fully sheltered to the City Hall MRT Interchange. The completion of the Circle & Downtown Line have further enhanced the accessibility of Suntec City with two MRT stations, namely the Esplanade Station and the Promenade Station, serving the development. A good network of bus services and taxi-stands are also readily available around the development.


Mr Clemence Lee, Associate Director, JLL says: “Opportunities to own a high floor, lift lobby fronting office unit with panoramic sea views in Suntec Towers are extremely rare and are highly sought after. The Property is also well-poised for capital appreciation as the office rent and price recovery are underway. The property will appeal to a range of owner occupiers such as legal firms, financial institutions, IT firms, tech firms, family offices and small and medium-sized enterprises (SMEs). This opportunity will also appeal to investors looking to invest in a prime office unit with a strong and stable tenant in place with yields at 4.0 per cent.”


Due to Suntec’s central location and myriad of amenities serving the office towers, demand for strata office units in the development remains strong. Recent prominent transactions in the developments over the past 12 months include the sale of the entire level 41 of Suntec Tower Three by Nam Cheong Limited for $25.0 million ($2,476 per sq ft on strata area), the sale of the entire level 35 of Suntec Tower Two for $28.8 million ($2,850 per sq ft on strata area) and the sale of 5 office floors at Suntec Tower One by BASF Singapore for $129.3 million ($2,400 per sq ft on strata area).


The indicative guide price for the office unit is of $11.6 million, which translates to about $2,750 per sq ft on strata area.


As this is a commercial unit, foreigners are eligible to purchase the property. There is also no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.  


The sale will be conducted through an Expression of Interest exercise which closes on Thursday, 26 October 2017, at 3pm.


Note to editors:

1. For a high-resolution photograph of the property, please click here.