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Thai buyer pays record S$3,850 psf for top floor of Suntec Tower One

This is the highest on whole-floor basis for an office deal in Suntec City. But it was no deal at Bugis Junction Towers, a reflection of a two-tier office investment market

Kalpana Rashiwala

Published Wed, Oct 12, 2022 · 05:50 AM

Singapore property

A TWO-TIER market seems to be developing for Singapore office investment sales: Even as some institutional investors are harbouring second thoughts about picking up office buildings at high prices set by owners amid uncertainties and a rising-interest-rate environment, cash-flush Asian investors continue to be drawn to strata office plays in the city state.

Suntec City, for example, continues to attract investors willing to pay record prices for whole-floor deals.

A Thai citizen is understood to be buying the top floor of the 44-storey Suntec Tower One for S$39.7 million, or S$3,850 per square foot (psf), on a strata area of 10,312 sq ft. The deal was inked last month. (September 2022).

Market watchers say this is a fresh record psf price for a whole office floor at Suntec City, toppling two records set in recent months in Suntec Tower Two next door. Suntec City stands on land with 99-year leasehold tenure that began on Mar 1, 1989, leaving 65 years and 5 months left on the l…