Suntec Tower One office floor transacted at S$3,200 psf

Located along Temasek Boulevard in District 1, Suntec City is a 99-year leasehold mixed-use development comprising of five Grade-A office towers, one of Singapore's largest retail malls and a world-class convention and exhibition centre.

It is linked to several transportation nodes such as City Hall, Promenade and Esplanade MRT stations, offering connectivity to the North-South, East-West, Downtown, and Circle MRT Lines. 

Based on a caveat lodged on 19th June, three adjoining units on the 38th floor of Suntec Tower One were transacted for S$32.31 million. The combined strata area of 10,097 sq ft reflects a price of S$3,200 psf. 

The caveat was recorded in URA Realis on 5 September. In comparison, the caveat for the similar three adjoining units on the 35th floor, which transacted for S$33.97 million (S$3,364 psf), was lodged on 1st July and reflected in the system on 11th July.

At S$3,200 psf, the deal equalled the 2nd-lowest psf achieved this year, involving a 4,801 sq ft unit on the 24th floor of Suntec Tower Three. The lowest psf year-to-date, was for a 2,131 sq ft unit on the 19th floor of Suntec Tower One, which changed hands at S$2,956 psf, the only transaction this year to dip below the S$3,000 psf mark.

The seller had acquired the units back during launch in March 1996 for S$18.35 million (S$1,817 psf), marking a capital gain of S$13.95 million over almost three decades holding period.

It remains uncertain whether the units were transacted within the “holding period” as ownership could have changed hands through a company share sale or a deal without a caveat being lodged.

Source : Urban Redevelopment Authority