SINGAPORE – A Singapore permanent resident bought the entire 30th floor of Suntec City Tower 2 for $38.8 million, property agency Huttons Group said on Monday (June 13).
The price for the 11,743.52 sq ft strata-titled office space works out to about $3,300 per sq ft.
Based on caveats, it is the largest transaction by quantum and the highest price per sq ft this year.
“It is the highest price on a per square foot basis ever achieved for an entire floor in Suntec City Tower 2,” Huttons’ statement said.
Huttons Group associate senior division director Aric Lim, who brokered the sale, said the buyer, who is of Chinese descent, liked the unblocked view of Marina Bay and that the well-thought-out renovation suited his immediate needs.
Suntec City is one of the largest mixed-use developments in Singapore, and comprises a shopping mall, five office towers and a convention centre.
Tower 2 has 44 storeys.
Mr Lee Sze Teck, Huttons Group’s senior director for research, said Singapore has seen an influx of funds and investors seeking to ride on the economic recovery story.
“Singapore has seen many ultra-high net worth individuals from Greater China in recent years seeking to establish a local presence in Singapore spanning across all segments of the property market,” he said.
Mr Lee added that Grade A strata-titled office spaces are rarely available in the central business district.
Prices of office space in Singapore’s central region rose 4.4 per cent in the first quarter of 2022, reversing from a 1.8 per cent decline in the previous three months, according to data from the Urban Redevelopment Authority.