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 is priced at approximately $3,300 per square foot. It is the largest transaction by quantum and the highest price per square foot this year, according to caveats. “It is the highest price ever achieved for an entire floor in Suntec City Tower 2 on a per square foot basis,” Huttons said in a statement.
The buyer, who is of Chinese descent, liked the unobstructed view of the Marina Bay and the well-thought-out renovation, according to Huttons Group associate senior division director Aric Lim, who brokered the sale. Suntec City, with a shopping mall, five office towers, and a convention center, is one of Singapore’s largest mixed-use developments.
Mr Lee Sze Teck, senior director of research at Huttons Group, stated that Singapore has seen an influx of funds and investors looking to capitalize on the economic recovery story. “In recent years, Singapore has seen many 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 is hard to come by in the central business district.
According to data from the Urban Redevelopment Authority, 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.
Click the image to read the full details of report.