Whole floor at Suntec City Tower 2 sold for $38.8 mil, establishes brand-new high of $3,300 psf

Beauty World the Reserve Residences Is Set to Be a 36-Storey Mixed Development With Commercial Spaces on the Lower Floors and Residential Units on the Upper Floors

Whole floor at Suntec City Tower 2 sold for $38.8 mil, establishes brand-new high of $3,300 psf

A strata workplace unit covering a whole floor at Suntec City Tower 2 has actually been cost $38.75 million or $3,300 psf. Four property landed plots at Upper East Coast Road up for sale at $32.2 mil. This notes the highest possible psf price accomplished for the workplace tower, based upon caveats lodged. It defeats the previous record embeded in January 2020, when a system on the 33rd flooring covering 11,840.40 sq ft was cost $38 million ($3,209 psf). The sale additionally marks the biggest purchase by quantum for Suntec City Tower 2 so far this year.

Beauty World the Reserve Residences Is Set to Be a 36-Storey Mixed Development With Commercial Spaces on the Lower Floors and Residential Units on the Upper Floors

Beauty World The Reserve Residences is set to be a 36-storey mixed development, with commercial spaces on the lower floors and residential units on the upper floors. This will be a mixed-use development in the same vein as the Bukit Timah Shopping Centre, with a gross plot ratio of 3.1. It will have a total commercial space of twenty thousand square metres, which will likely make it similar to the Bukit Timah shopping centre.

The URA recently released the Reserve Residences Far East Concept Tender for this mixed-use development in the Mountbatten area. The winning concept should incorporate quality interiors, public amenities, and pedestrian networks. The Reserve Residences Far East is part of a wider vision to revitalize this area. It is expected to be completed in 2022. For further information, visit the Reserve Residences Far East website.

The developer group known as the Far East Group won the concept tender for The Reserve Residences Jalan Anak Buket. The new condominium will be located near the Beauty World MRT station. The site will span 3.22 hectares, with an underground pedestrian link and civic spaces. Upon completion, the developer will enjoy a 99-year lease, and the project is expected to have a gross floor area of 96,555 square meters.

The device offered is situated on the 30th flooring and measures 11,743.52 sq ft. It was marketed to a Singapore Permanent Resident of Chinese descent, shares Aric Lim, associate senior department supervisor at Huttons Group, who brokered the offer. The purchaser suched as the floor because of its sights of the Marina Bay location as well as the restoration works done by the previous owner, Lim adds.

The unit had formerly been acquired in February 2016 for $29 million or $2,469 psf. This means the vendor made a profit of $9.75 million on the transaction.

Suntec City Tower 2 is one of 5 workplace towers at mixed growth Suntec City. Besides the office buildings, the development likewise incorporates a shopping mall and a convention centre.

The flooring cost Suntec City Tower 2 is the sixth-highest office deal tape-recorded for the larger Suntec City development on a psf rate basis. The greatest purchase tape-recorded was for a 3,078.50 sq ft workplace device at Suntec City Tower 1, which was cost $10.6 million ($3,443 psf) in August 2020.

Lee Sze Teck, senior director of study at Huttons Group, keeps in mind that demand for Grade A strata-titled workplace in the CBD is seeing a boost from the increase of investors seeking to ride on the financial recovery tale.

Lim adds that several ultra-high-net-worth individuals from Greater China are looking for to invest in Singapore properties across all segments.

This notes the highest possible psf price achieved for the office tower, based on cautions lodged. It defeats the previous record established in January 2020, when a device on the 33rd floor spanning 11,840.40 sq ft was offered for $38 million ($3,209 psf). The sale also notes the biggest transaction by quantum for Suntec City Tower 2 so much this year.

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