Amongst all the recent property sales that have taken place lately, here’s one that you’ll definitely be impressed by.
Recently, the 30th floor of Suntec City Tower 2 was sold to a Singapore permanent resident for a whopping $38.8 million.
And before you ask, yes, it’s the entire floor.
Record-Breaking Sale Price
The buyer, who is of Chinese descent, bought the 11,743.52 sq ft office unit at $3,300 per square foot (psf), the highest psf price for an entire floor in the building.
Apart from that, this sale also marks the largest transaction by quantum for the 44-storey Tower 2 thus far in 2022.
In 2016, the same floor was acquired for $29 million according to EdgeProp, bringing the total profit of this particular sale to $9.8 million.
Prior to this sale, the 33rd floor of Tower 2 which spanned 11,840.40 sq ft was sold at a price tag of $38 million, or a psf price of $3,209.
Buyer Bought Floor Due to Unblocked View of Area
Aric Lim, associate senior division director at Huttons Group, the real estate agent that brokered the deal, the buyer decided to buy the floor as it had an unblocked view of the Marina Bay area.
Additionally, the floor was also renovated in a manner that was to his liking.
Lim also explained that in recent years, many ultra-high net worth individuals (UHNWIs) from Greater China have been trying to “establish a local presence in Singapore spanning across all segments of the property market.”
Senior director of research at Huttons Group Lee Sze Teck also added that there has been an increase in both funds and investors in Singapore.
This is due to the “economic recovery story” that many want to be a part of.
“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.
Featured Image: Hit1912 / Shutterstock.com
