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Suntec Tower Two’s 42nd floor up for sale with S$33m guide price

A PRIME office floor spanning 9,989 square feet in Suntec Tower Two has been put on the market with a guide price of S$33 million.

That works out to an average of S$3,303 per square foot (psf) based on strata area, said its exclusive marketing agent Savills Singapore.

The offering comprises four contiguous strata office units on level 42 – the third-highest floor in the building.

The portfolio is up for sale as a bundle and with tenancies. The entire floor is fully leased to multinational corporations, and two of the tenants recently renewed their leases.

Galven Tan, deputy managing director of investment sales and capital markets at Savills Singapore, said the property offers the incoming investor “strong tenant covenants and immediate rental income”.

Suntec Tower Two is part of the Suntec City integrated development, which consists of five Grade-A office towers, a mall and a convention and exhibition centre.

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

Suntec Tower Two is undergoing asset enhancement works, which include the upgrading of the entrance lobby, reception and concierge area, lift lobbies and restrooms.

The works will strengthen the value proposition of the office floors, said Savills.

Mr Tan noted that offices on the high floors of Suntec City are “extremely sought after”, as they offer unobstructed views of the city skyline and waterfront.

He added that the 42nd storey gives panoramic views of the Marina Bay Financial District, Kallang River and Singapore Sports Hub.

Both foreigners and companies are eligible to purchase the portfolio of four units. There will be no additional buyer’s stamp duty or seller’s stamp duty imposed.

The property has sheltered access to the City Hall, Promenade and Esplanade MRT stations, and link bridges and underpasses connect it to the Marina Centre area.

The expression-of-interest exercise for the portfolio at Suntec Tower Two closes on Dec 9.

In recent months, several entire office floors in Singapore’s central business district have been launched for sale in bulk. The seventh storey of GB Building at 143 Cecil Street, for instance, was put on the market with a guide price of nearly S$9.8 million or S$1,800 psf last month.

Before that, two other strata floors in GB Building were offered. Level 16 carried an indicative price of S$11.9 million or S$2,200 psf, and level 23, S$12.7 million or S$2,350 psf.

A portfolio of 27 office units occupying four levels of 20 Cecil Street was also launched in mid-October at S$100 million or an average of S$3,143 psf; levels nine and 10 at Samsung Hub also became available for purchase in August for about S$104.9 million or S$4,000 psf.

By Fiona Lam, The Business Times/ 12-Nov-20

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