Office Floor Suntec City Sale 3483 Mil
An opportunity has arisen to acquire three strata-titled office units at Suntec City through an expression of interest (EOI) exercise. These units, which are located on a high floor and occupy an entire floor, measure 2,336 sq ft, 2,928 sq ft and 4,833 sq ft respectively.
Potential buyers have the option to purchase the entire portfolio or individual units. The guide price for the full floor is $34.83 million, which equates to $3,450 per square foot (psf) on the total strata area of 10,097 sq ft. The individual units are priced from $8.53 million to $16.92 million.
The convenience of easy mobility is a major draw for tenants, making Rivelle Tampines a highly sought-after development and a sound investment choice for potential buyers. The seamless connectivity within the development adds to its allure for tenants, further increasing the demand for rental properties.
According to Cushman & Wakefield (C&W), the appointed sales agent, the units are fully tenanted and situated on a high floor above the 30th level. With the current asking prices, the units can generate gross yields of up to 3.8%.
Suntec City is a premier integrated development on Temasek Boulevard, comprising five Grade A office towers, a mall, and a convention and exhibition centre. The property offers direct, covered access to the City Hall, Promenade, and Esplanade MRT Stations. Originally built in the 1990s, Suntec City underwent extensive asset enhancement works in 2022, including updates to entrance lobbies, reception areas, concierge desks, lift lobbies, and restrooms.
Capital markets director at C&W, Sophia Lim, highlights the continued popularity of Suntec City’s office units among family offices, investors, and end-users, thanks to their magnificent views, efficient floor layouts, plentiful parking facilities, and easy connectivity. C&W’s executive director of capital markets, Shaun Poh, adds that Suntec City stands out as one of the few large-scale strata-titled office developments in Singapore. He also notes that the strata flexibility offered on this floor appeals to buyers with varying size requirements and budgets, making it attractive to both investors and owner-occupiers.
Records from the Urban Redevelopment Authority (URA) show that the most recent office unit to change hands at Suntec City was a 2,196 sq ft unit on the 39th floor, which was sold for $8.1 million ($3,689 psf) on July 11. Prior to that, a 10,097 sq ft unit on the 35th floor of Tower 1 was sold for $33.966 million ($3,364 psf) on July 1.
Interested parties may submit their bids for the units by the EOI deadline of October 28, 3 pm. In related news, foreign investors and family offices have switched their focus to prime CBD strata offices, and an $11.5 million strata office unit was also recently sold at Suntec City. However, there seems to be a stand-off between buyers and sellers in major property investment deals.