Entire floor of Suntec City Tower 2 sold to S'pore PR for S$38.8 million

The buyer liked the unblocked view of the bay from the office unit.

Low Jia Ying | June 13, 2022, 05:37 PM

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An entire floor of Suntec City Tower 2 was sold for S$38.8 million to a Singapore permanent resident of Chinese descent.

The strata office unit spans 11,743.52 sq ft, and was transacted at a record-breaking per square foot (psf) price of S$3,300.

Largest transacted psf price

This sale marked the highest-ever transacted psf price for an entire floor in this building.

It is also the largest transaction by quantum for Tower 2 so far this year.

The previous record set was for the sale of the 33rd floor of the same building in January 2020.

It had a floor area of 11,840.40 sq ft sold for S$38 million -- a psf price of S$3,209.

Suntec City Tower 2 has 44 storeys.

Suntec City is also one of the largest mixed-use developments in Singapore, and houses a shopping mall, five office towers and a convention centre.

The floor was previously acquired for S$29 million in 2016, meaning that the seller made a profit of S$9.8 million from the transaction, according to EdgeProp.

Buyer liked view of Marina Bay

According to Aric Lim, associate senior division director at Huttons Group who brokered the deal, the buyer chose to purchase the floor for its unblocked views of Marina Bay.

View of Marina Bay from the office unit. Photo via Huttons Group.

The buyer also liked the well thought out renovations that suited his immediate needs.

"Singapore has seen many ultra-high net worth individuals (UHNWIs) from Greater China in recent years seeking to establish a local presence in Singapore spanning across all segments of the property market," Lim said.

Lee Sze Teck, senior director of research at Huttons Group said Singapore has seen an influx of funds and investors who want to ride on the "economic recovery story".

"Furthermore, Grade A strata-titled office space is rarely available in the central business district. Suntec City is one of the top investment options by investors," he added.

Top photo via Huttons Group and Google Maps