Office Floor At Suntec City Tower 2 Launched For Sale

Another Office Floor At Suntec City Tower 2 Launched For Sale

SINGAPORE – Exclusive marketing agent Knight Frank has announced that an entire office floor at Suntec City Tower 2 have been put up for sale with a guide price of roughly S$36 million (S$3,600 psf), reported The Business Times on Tuesday afternoon (12 July, SGT).

Spanning a total of about 9,989 sq ft, the office floor consists of four strata titles. Situated on a high floor, it offers wonderful views of both the cityscape and the sea. It has a column-free and regular shape that provides flexibility and efficiency in layout planning. At present, the commercial property is leased.

The asset enters the market after an entire office floor at Suntec City Tower 2 was sold in June 2022. If the latest commercial property is sold at its guide price, it will surpass the record-breaking psf transaction in June that was picked up at S$3,300 psf, the highest psf price ever recorded for an entire office floor in the said office building.

Notably, the office floor sold in June was negotiated by Huttons. Located on level 30, the 11,743.5 sq ft office space was divested for a total of S$38.8 million to a Singapore permanent resident (PR) of Chinese descent. The sale also made headlines as the biggest deal in the development by quantum price so far this year.

Situated in Marina Centre, Suntec City is a mixed-use project consisting of five Grade A office buildings, and a shopping mall, as well as a convention and exhibition centre.

According to Knight Frank’s Executive Director of capital markets Mary Sai, office space in Suntec City remains sought-after as demonstrated by recent office deals. Beside the June sale, two other office units at the 19th and 28th floor of Tower One changed hands 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 S$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,” she added.

Furthermore, Knight Frank’s Head of capital markets (land & building, international real estate & industrial) added that the stock of good-sized strata units in prime areas will be limited due to the recent ban on strata subdivision. Hence, the office floor at Suntec City Tower 2 is expected to see strong interest.

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