Office Floor At Suntec City Tower 2 Divested At Record Psf Price

SINGAPORE – Marketing agent Huttons revealed on Monday that an office floor at Suntec City Tower 2 spanning 11,743.5 sq ft has been disposed at a record-breaking S$3,300 psf, the highest ever achieved for an entire office floor at the said building, reported The Business Times on Monday noon (13 June, SGT).

The S$38.8 million office property sale also represents the highest by quantum price so far this year.

Huttons Group’s Associate Senior Division Director Aric Lim disclosed that the office floor at Suntec City Tower 2 was picked up by a Singapore permanent resident (PR) of Chinese descent who “likes the well thought renovation for his immediate needs and the unblocked bay view”.

“Singapore has seen many ultra-high-net-worth individuals from Greater China in recent years seeking to establish a local presence in Singapore spanning across all segments of the property market,” he added.

Meanwhile, Huttons Group’s Senior Research Director Lee Sze Teck noted that the city-state has witnessed an influx of funds and investors looking to take advantage of the country’s economic recovery. Aside from that, Grade A strata-titled office space is rarely available in Singapore’s central business district (CBD).

Notably, Suntec City Tower 2 is part of Suntec City, a mixed-use project consisting of five office buildings, a shopping mall, and a convention centre.