Grade A Strata Office Units At Suntec City For Sale Via Expression Of Interest

Singapore – 13 August 2024 – CBRE, as the exclusive marketing agent, is offering for sale a portfolio of three strata office units in Suntec City. It comprises the entire floor on level 38 and two units on level 16 in Suntec Tower One, with a total strata area of approximately 17,492 square feet. The sale will be conducted via an Expression of Interest exercise which closes on Wednesday, 18 September 2024, at 3pm.

Situated in the heart of the Marina Centre precinct within the Central Business District (CBD), Suntec City is one of the largest and most successful integrated developments in Singapore. The 45-storey integrated development comprises five Grade A office towers, Singapore’s second-largest shopping mall and a world-class convention and exhibition centre that are all interlinked by street level plazas and underground walkways.




Mr Michael Tay (郑兆能), CBRE Head of Capital Markets, Singapore, says, “Suntec City is a landmark integrated development that offers one of the best quality strata office products in Singapore, featuring Grade A specifications that were further enhanced after the office towers underwent asset enhancement works that were completed in 2022. Supported by the holistic range of amenities and facilities within the integrated development, it has consistently appealed to investors of diverse profiles including high net worth individuals (HNWIs), family offices, as well as end-users.”

Suntec City is also seamlessly connected to other parts of the CBD and the rest of Singapore with direct sheltered access to three MRT stations serving four MRT lines and easy access to nearby major expressways like Nicoll Highway and the East Coast Parkway (ECP). Given its strategic location, it is also well-positioned to benefit from the ongoing transformation of the nearby Bugis precinct, which will increase vibrancy and access to a wider range of diverse offerings, elevating the overall attractiveness of this locale.
Mr Tay adds, “This portfolio presents an opportunity for investors to ride on Singapore’s resilient office sector with an established asset that has a proven track record. With the restriction on strata subdivision of future commercial developments within key locations in the Central Area imposed by Urban Redevelopment Authority (URA) in 2022, strata offices in prime locations with excellent specifications such as Suntec City can only become more valuable in time to come.”

The entire floor on level 38 has a strata area of approximately 10,097 square feet and offers exceptional panoramic views of the CBD, Marina Bay, and its surrounding cityscape. The guide price for this unit is S$33.8 million, which translates to about S$3,350 per square foot (psf). The other two units on level 16, which come with separate strata titles, have strata areas of approximately 3,498 square feet and 3,897 square feet. Their guide prices are S$11 million and S$12.3 million respectively, translating to S$3,150 psf.

In the last twelve months, strata office units in Suntec City have been trading in the range of S$3,050 to S$3,817 psf, with an average of around S$3,411 psf. Two units on level 37 of Suntec Tower One were sold at S$3,684 psf and S$3,736 psf, and another unit on level 38 of Suntec Tower Two was sold at S$3,817 psf. Most notably, the entire level 44 of Suntec Tower Three changed hands in December 2023 at S$3,513 psf.

Currently owner-occupied, all three units will be sold either with vacant possession or on a short-term leaseback arrangement. Interested parties are welcome to submit offers for either the entire portfolio or individual units. Being a commercial property, both locals and foreigners are eligible to purchase and there will not be any Additional Buyer’s Stamp Duty or Seller’s Stamp Duty applicable.