Suntec office deals see revival after drought in 2014

Singapore

SUNTEC City has seen a revival in office transactions this year, reflecting a bridging in buyers' and sellers' price expectations after an absence of deals last year, when the office market was in runaway phase as one market watcher put it.

CBRE Research's caveats analysis of URA Realis data shows that so far this year, there have been six deals totalling S$169.12 million. In 2013, there were 12 deals that added up to S$185.85 million. In 2012 there were eight transactions at S$96.86 million.

The average per square foot price achieved has risen from S$1,745 psf in 2009 to S$2,641 psf in 2013 and S$2,774 psf so far this year.

While part of the reason for the increase in the average price between 2013 and 2015 would be due to the height of floors tr…