Another entire floor at Suntec City Tower 2 for sale at S$36m

Citi Commercial Pte Ltd

FOLLOWING the sale of an entire floor at Suntec City Tower 2 last month, another floor is on the market at an indicative guide price of about S$36 million or S$3,600 per square foot (psf).

Exclusively marketed by Knight Frank, its total area, comprising four strata titles, measures approximately 9,989 square feet (sq ft). The space is currently tenanted, located on a high floor and enjoys panoramic views of both the sea and city. The column-free and regular shape offers flexibility and efficiency in layout planning, said Knight Frank.

The sale is open to both locals and foreigners, with no Additional Buyer’s Stamp Duty nor Seller’s Stamp Duty imposed.

If sold at its indicative price, the transaction will overtake the sale in June at a record-breaking S$3,300 per square foot (psf) for the highest psf price ever achieved for an entire floor in Suntec City Tower 2.

In that transaction brokered by Huttons, a 11,743.5 sq ft unit on the 30th floor was sold for S$38.8 million to a Singapore permanent resident of Chinese descent. The sale also marked the largest transaction there by quantum price in 2022 so far.

Located in Marina Centre, Suntec City is a mixed-use development comprising 5 Grade-A office towers, Singapore’s second largest shopping mall and a convention and exhibition centre.

Mary Sai, Knight Frank’s executive director of capital markets, said that demand for Suntec City offices remains robust as shown by recent transactions. Apart from last month’s sale, 2 other units at levels 19 and 28 at Tower One were sold at S$3,300 psf and S$3,280 psf respectively in April.

“Given current market conditions and the strong demand for strata commercial units, the offered listing’s guide price of $3,600 psf is reasonable and in line with recent office transactions at Suntec City,” she said. “This asset is suitable for owner-occupiers and investors who view commercial properties as safe-haven assets. Furthermore, buyers have the option not only to buy the whole floor but on an individual strata lot basis ”

Daniel Ding, Knight Frank’s head of capital markets (land & building, international real estate & industrial) said that in the light of the recent government announcement that strata subdivision of commercial complexes or mixed-use developments with a commercial component will no longer be allowed in central areas, supply of good-sized strata units in prime areas will be limited, and expects this listing to attract keen interest.

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