Suntec City strata office apartment sold for $11.5 million

A strata office unit in Suntec City Tower 1 was sold for $11.5 million in a statement issued from Savills Singapore, who brokered the deal. “This was the fourth strata office sales in Suntec City in which Jeremy Lake and Sophia Lim from the Savills Investment Sales and Capital Markets team have concluded in 2021, resulting in an overall total of $288 million spread across eight full levels sold” Savills Singapore states in its press release.

Watten House Condo delivers an exquisite suburban living experience amid the bustling metropolis of Singapore, surrounded by tropical flora and rainforests

The biggest deal brokered through Savills in the Suntec City area Suntec City was the sale of six floors of Tower 1 and Tower 2 for $197 million in June 2021. In August of this year, Savills also brokered the selling of an entire floor of Tower 2 for $41.148 million ($3,350 per square foot) this was the most expensive psf-price ever recorded for offices in strata in Suntec City at the time.

Sophia Lim, Savills’ director of capital markets and investment sales Sophia Lim, director of investment sales and capital markets at Savills, claims that Suntec City offices remain sought for by buyers, investors along with family-owned offices notably those who are from Hong Kong, China and India. ” We’ve noticed a increased interest from this particular group of buyers after the successful conclusion of the work to improve the asset value of Suntec City last year,” she says.

Jeremy Lake, managing director of capital markets and investment sales at Savills is adamant that, while the real estate market in Singapore was “in the midst of a slump” for more than a year, due to the high interest rates, which have discouraged institutional buyers, private investors have been investing in a variety of ways in shophouses, particularly strata offices.

“These buyers are not as prone to a rise in interest rates, and are betting on the long-term with the understanding that Singapore property prices will increase in the future, despite some short-term headwinds” Lake continues.

Based on Savills reports Based on Savills’ data, sales of real estate investments dropped 50.5% q-o-q in 2Q2023 to $3.29 billion, and an 77.9% q-o-q drop in commercial sales, which was $940.7 million.