A new record of S$3,300 psf has been set with the S$38.75 million sale of an entire floor at Suntec City Tower 2.
Based on past caveats, this sale far surpassed the previous record notched back in January 2020, when an 11,840.4 sqft unit on the 33rd floor was sold for S$38 million (S$3,209 psf).
The sale of the 30th floor marks the largest transaction by quantum and highest price psf ever achieved for an entire floor in Suntec City Tower 2.
Brokered by Mr Aric Lim, Associate Senior Division Director at Huttons Group and sold to a Singapore Permanent Resident of Chinese descent, the buyer favoured the 11,743.5 sqft unit due to its unblocked view of Marina Bay and the well-thought out renovation that suited his immediate needs.
Scenic views have long been a hallmark of Grade A office buildings, which are large, prestigious developments usually found in prime districts. Some other Grade A buildings are One Raffles Quay and the Guoco Tower.
Influx of investors
With Grade A strata-titled office space being a rare find in the Central Business District (CBD), Suntec remains a prime, coveted asset for investors.
Lee Sze Teck, Senior Director of Research at Huttons Group, added that there has been an influx of funds and investors seeking to ride on the economic recovery story: “Many ultra-high net worth individuals (UHNWIs) from Greater China have come to Singapore in recent years seeking to establish a local presence in Singapore spanning across all segments of the property market.”
Suntec City
Located in the Downtown Core of District 1 along Temasek Boulevard, Suntec City is one of the largest commercial developments in Singapore.
The fully integrated mixed-use development comprises a sprawling 880,000 sqft shopping mall, the 450,000 sqft Suntec Singapore Convention & Exhibition Centre and five Grade A office towers.
Constructed with Chinese feng shui in mind, the five office towers and convention centre resemble a left hand when viewed aerially.
In the centre of the “hand” lies the Fountain of Wealth, a circular bronze fountain that comes alive at night with light performances.
The fountain was built with water flowing inward to symbolise the retention of wealth for Suntec City, which has proven to ring true with the latest sale.
Suntec City: Connectivity
Another attractive aspect of Grade A buildings is connectivity, which Suntec has in abundance.
Suntec City sits on a prime location – just off Nicoll Highway and the East Coast Parkway (ECP). It also features direct sheltered access to various MRT stations, including Promenade, Esplanade and City Hall.
Are Grade A office sales on the rise? Let us know in the comments section below or on our Facebook post.
If you found this article helpful, check out Is Singtel’s Comcentre redevelopment similar to what McDonald’s did in the US? and 5 reasons why you shouldn’t rule out investing in commercial property.
About Jamie Wong
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