The guide price for the Suntec Tower Two prime office floors is $76 million, which equates to an average price of about $2,642 psf on strata area
Two levels of strata offices at Suntec Tower 2 located at 9 Temasek Boulevard, have been put up for sale via an Expression of Interest exercise by Cushman & Wakefield, the appointed exclusive marketing agent for the Properties.
Suntec City is a fully integrated mixed development with 5 towers of Grade A offices, a mega retail podium which spans across the towers and houses a world-class convention and exhibition centre located just off Nicoll Highway and the East Coast Parkway (ECP). Its prominent location is extremely accessible, with direct sheltered access to the Promenade, Esplanade and City Hall MRT Stations.
The Suntec Tower Two prime office floors to be divested are located on the sixth and eleventh floor, each with a strata floor area of approximately 14,381 sq ft. The two floors may be acquired either jointly or separately.
The units at Suntec Tower Two prime office floors are currently leased to multi-national corporations (MNCs), which will provide the incoming purchaser with an immediate rental income. Suntec Tower 2 is also undergoing asset enhancement works for the entrance and reception areas, lift lobbies and restrooms.
“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,” said Mr. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield.
“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.”
The guide price for the Suntec Tower Two prime office floors is $76 million, which equates to an average price of about $2,642 psf on strata area. Foreigners and companies are eligible to acquire the Suntec Tower Two prime office floors and no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) is payable.
The Expression of Interest exercise for the Suntec Tower Two prime office floors closes on 10 March 2021 (Wed), 3 p.m.
Mr Paul Ho, chief Mortgage Officer at iCompareLoan, said: “the Suntec Tower Two prime office floors 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 this year, while another unit on the 33rd storey in Tower 2 also transacted at a high of S$3,209 psf earlier in January.”
“The guide price of $2,642 psf on strata area for the Suntec Tower Two prime office floors is reflective of current market sentiments. The offering of the two floors is likely to appeal to owner-occupiers and investors, who believe in commercial properties as safe haven 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.