Entire floor at Suntec City Tower 2 sold for $38.8 mil

By Atiqah Mokhtar

/ EdgeProp Singapore |

June 13, 2022 1:27 PM SGT

Suntec City (Photo: Samuel Isaac Chua/The Edge Singapore)

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SINGAPORE (EDGEPROP) - A strata office unit spanning an entire floor at Suntec City Tower 2 has been sold for $38.75 million or $3,300 psf.

This marks the highest psf price achieved for the 44-storey office tower, based on caveats lodged. It beats the previous record set in January 2020, when a unit on the 33rd floor spanning 11,840.40 sq ft was sold for $38 million ($3,209 psf). The sale also marks the largest transaction by quantum for Suntec City Tower 2 so far this year.

The office sold is a high-floor unit measuring 11,743.52 sq ft. It was sold to a Singapore Permanent Resident of Chinese descent, shares Aric Lim, associate senior division director at Huttons Group, who brokered the deal. The buyer liked the floor due to its views of the Marina Bay area as well as the renovation works done by the previous owner, Lim adds.

The unit had previously been acquired in February 2016 for $29 million or $2,469 psf. This means the seller made a profit of $9.75 million on the transaction.

Lee Sze Teck, senior director of research at Huttons Group, notes that demand for Grade A strata-titled office space in the CBD is seeing a boost from the influx of investors seeking to ride on the economic recovery story.

Lim adds that many ultra-high-net-worth individuals from Greater China are seeking to invest in Singapore properties across all segments.

Suntec City Tower 2 is one of five office towers at mixed development Suntec City. Of the five office towers at Suntec City, only three (Suntec Towers One, Two and Three) have strata office units for sale. Four of the office towers have 40 storeys each while Suntec Tower Five has 18 storeys. The office towers have a 99-year lease starting from 1989. They are linked to the 880,000 sq ft Suntec Mall as well as the Suntec Singapore Convention & Exhibition Centre, with 450,000 sq ft of customisable event space.

The floor sold at Suntec City Tower 2 is the sixth-highest transaction recorded for strata office units at Suntec City on a psf price basis. The highest transaction recorded was for a 3,078.50 sq ft office unit at Suntec City Tower 1, which was sold for $10.6 million ($3,443 psf) in August 2020.

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