S’pore PR buys entire 30th floor of Suntec City Tower 2 for $38.8 million
S’pore PR buys entire 30th floor of Suntec City Tower 2 for $38.8 million. The strata-titled office space costs around $3,300 per square foot. According to caveats, it is the largest transaction by quantum and the highest price per square foot this year. “On a per square foot basis, it is the highest price ever achieved for an entire floor in Suntec City Tower 2,” Huttons said in a statement.
According to Huttons Group associate senior division director Aric Lim, who brokered the sale, the buyer, who is of Chinese descent, liked the unobstructed view of Marina Bay and the well-thought-out renovation. Suntec City is one of Singapore’s largest mixed-use developments, with a shopping mall, five office towers, and a convention center.
According to Mr Lee Sze Teck, senior director of research at Huttons Group, Singapore has seen an influx of funds and investors looking to profit from the economic recovery story. “In recent years, Singapore has seen a significant increase in the number of ultra-high net worth individuals from Greater China seeking to establish a local presence in Singapore across all segments of the property market,” he said. Mr Lee also stated that Grade A strata-titled office space in the central business district is difficult to come by.
Office space prices in Singapore’s central region rose 4.4 percent in the first quarter of 2022, reversing a 1.8 percent decline in the previous three months, according to data from the Urban Redevelopment Authority.
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