Entire 42nd level of Suntec Tower Two on sale for $33mil

The 9,989 sq ft space on the third highest floor within Suntec City features four contiguous office units, and is offered for sale as a bundle and with tenancies.

A prime office floor of around 9,989 sq ft at Suntec Tower Two has been put up for sale, with a guide price of $33 million, revealed sole marketing agent Savills Singapore.

This works out to an average price of $3,303 per sq ft based on strata area.

The offering features four contiguous office units on level 42 – which is the third highest floor within the development.

The marketing agent noted that the portfolio of four strata office units is offered for sale as a bundle and with tenancies.

Galven Tan, Deputy Managing Director of Investment Sales and Capital Markets at Savills Singapore, shared that the entire floor is fully leased to multi-national companies, with two of the tenants having recently renewed their tenancies.

This provides an investor “strong tenant covenants and immediate rental income”.

Suntec Tower Two forms part of Suntec City integrated development, which comprises a shopping mall, an exhibition centre and five Grade-A office towers.

The office towers are designed with no internal columns, with the space arranged around a central service core to allow for maximum natural light and views. Separate high-speed elevators serve the buildings’ low, mid and high-rise zones.

“The offices on the high floors of Suntec City are always extremely sought after, as it is arguably the only strata office development which offers unobstructed views of the city skyline and waterfront. This is an extremely rare opportunity to acquire one of the highest floors with panoramic views of the Marina Bay Financial District, city skyline, Kallang River and Singapore Sports Hub,” said Tan.

Suntec Tower Two is presently undergoing asset enhancement work that includes upgrading of the entrance lobby, lift lobbies, reception and concierge area as well as the restrooms.

Savills believe that the upgrading works will strengthen the office floors’ value proposition

The expression of interest exercise for the portfolio closes on 9 December.

Both foreigners and companies are allowed to acquire the property, with no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty payable.

Source: CommercialGuru, 12 Nov 2020