JLL markets full strata office floor in Suntec City Tower 1 for sale

SINGAPORE, July 10, 2024 – As the appointed marketing agent, JLL (NYSE: JLL) announced today the sale of a full strata office floor located in Suntec City Tower 1. Located in prime District 1, the indicative price for the property is $42.8 million which translates to $3,553 per square foot (psf) based on the total strata floor area of 12,045 square feet (sf).

Located on a high floor in Tower 1, the strata office floor boasts unparalleled and magnificent 360-degree views overlooking the Marina Bay area and surrounding skyline. The floor has a regular and flexible floorplate layout encompassing seven individual units. It is currently partially tenanted and will be sold with the existing tenancies.

“The incoming buyer can have the flexibility to play the role of an investor who would fully lease out the asset or as a landlord-occupier who is collecting rent and at the same time occupying part of the premise. The vast area of the floor plate allows room for creative subdivision or amalgamation into units that can accommodate the space requirements of incoming tenants or self-use. This is extremely ideal for businesses that may have plans for future expansion,” notes Terry Wong, Senior Director, Capital Markets, JLL Singapore. “The entire floor also comprises three individual strata titles, providing opportunity for future divestment as separate strata units,” adds Wong.

Strategically positioned in Singapore's Central Business District (CBD) at the intersection of Temasek Boulevard and Raffles Boulevard, the property is part of Suntec City integrated development. It encompasses five office towers, a large and diverse retail mall, as well as a world-class convention centre. Suntec City provides over 3,000 car park lots across multiple levels, ensuring ample parking spaces, and features a designated sheltered drop-off point at the entrance of Tower 1.

The location benefits from excellent connectivity with direct sheltered and underground linkages to multiple MRT stations including Promenade (Circle & Downtown line), Esplanade (Circle line) and City Hall MRT (North-South and East-West lines) stations. The property also has convenient access to major expressways such as the East Coast Parkway (ECP), Ayer Rajah Expressway (AYE) and Pan Island Expressway (PIE).

Recent strata office transactions at Suntec City have demonstrated stable demand, with two strata office units on level 37 of Suntec Tower 1, selling at $3,684 psf and $3,736 psf in March and June, respectively. Another recent transaction includes a 38^th floor unit at Suntec Tower 2 which was caveated at $3,817 psf in May. On a whole floor basis, the 44^th floor at Suntec Tower 3 was sold at $3,513 psf in December 2023.

“Demand for strata office assets in Suntec City remains robust, with limited supply of Grade A office buildings meeting the market's demand for attributes such as drop-off points, car parks, views, and amenities. The limited choices available in the market renders Suntec City as one of the rare assets that meets the majority of the requirements which in turn generates stable demand for the property,” says Wong. Wong has also brokered the sale of the penthouse office floor at Suntec Tower 3 for $3,513 psf in December 2023.

Foreigners and entities are eligible to purchase the property. Additional Buyers’ Stamp Duty (ABSD) or Sellers’ Stamp Duty (SSD) are not applicable for such commercial assets.

JLL is marketing the property through an Expression of Interest (EOI) exercise that will close on 20 August 2024 (Tuesday) at 3pm.