Suntec Tower Two's 42nd floor put on the market for S$33m

A PRIME office floor spanning about 9,989 square feet at Suntec Tower Two has been put on the market, carrying a guide price of S$33 million.

That works out to an average price of S$3,303 per square foot based on strata area, said exclusive marketing agent Savills Singapore.

The offering comprises four contiguous strata office units located on level 42 - the third-highest floor in the building.

The portfolio is up for sale as a bundle and with tenancies. The entire floor is fully leased to multinational corporations, and two of the tenants recently renewed their leases.

This offers the incoming investor "strong tenant covenants and immediate rental income", said Galven Tan, deputy managing director of investment sales and capital markets at Savills Singapore.

Suntec Tower Two is part of the Suntec City integrated development, which consists of five Grade A office towers, a mall and a convention and exhibition centre.

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The office towers are all designed with no internal columns, with the space arranged around a central service core to allow for maximum views and natural light. Separate high-speed elevators serve the low, mid and high-rise zones in the buildings.

Suntec Tower Two is undergoing asset enhancement works, which include the upgrading of the entrance lobby, reception and concierge area, lift lobbies and restrooms.

These upgrading works will strengthen the value proposition of the office floors, according to Savills.

Mr Tan noted that offices on the high floors of Suntec City are "extremely sought after" as they offer unobstructed views of the city skyline and waterfront.

He added that the 42nd storey gives panoramic views of the Marina Bay Financial District, Kallang River and Singapore Sports Hub.

Both foreigners and companies are eligible to purchase the portfolio of four units, and there will be no additional buyer's stamp duty or seller's stamp duty imposed.

The property has sheltered access to the City Hall, Promenade and Esplanade MRT stations, while link bridges and underpasses connect it to the Marina Centre area.

The expression of interest exercise for the portfolio will close on Dec 9.