Suntec City is a fully integrated mixed development with 5 towers of Grade A offices, a mega retail podium which spans across the towers and houses a world-class convention and exhibition centre located just off Nicoll Highway and the East Coast Parkway (ECP). Its prominent location is extremely accessible, with direct sheltered access to the Promenade, Esplanade and City Hall MRT Stations.
The Properties to be divested are located on the sixth and eleventh floor, each with a strata floor area of approximately 14,381 sq ft. The two floors may be acquired either jointly or separately. The units are currently leased to multi-national corporations (MNCs), which will provide the incoming purchaser with an immediate rental income. Suntec Tower 2 is also undergoing asset enhancement works for the entrance and reception areas, lift lobbies and restrooms.
“Strata offices in Suntec City are highly sought after due to the asset’s convenient location, column-free layout, wide spectrum of amenities at its doorstep and its panoramic views of the city skyline, Marina Bay and the Singapore Sports Hub,” said Mr. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield.
“Given Suntec’s stellar reputation as a Grade A commercial development that consistently attracts the very best MNCs to set up shop, investors are always on the look out to acquire such prime assets.”
The guide price for the Properties is $76 million, which equates to an average price of about $2,642 psf on strata area. Foreigners and companies are eligible to acquire the Properties and no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) is payable.
The Expression of Interest exercise closes on 10 March 2021 (Wed), 3 p.m.