Whole Suntec City Floor Bought By Singapore PR At Highest-Ever Price On Per Square Foot Basis
When it comes to real estate, a high floor is important whether the unit is for residential or commercial use.
That’s because a lofty perch usually comes with a stunning view that only money can buy.
This proved true for an entire floor of Suntec City Tower 2, which was bought by a Singapore permanent resident (PR).
He reportedly splashed out S$38.8 million for it because he liked the unblocked view of Marina Bay.
Suntec City floor sold for S$3,300/psf
The floor in question in Suntec City Tower 2, a strata-titled office space, is a massive 11,743.52 square feet (sq ft) in size, said a statement from real estate agency Huttons Group quoted by AsiaOne.
As the buyer paid S$38.8 million for it, that works out to over S$3,300 per sq ft (psf).
This price is a record, Huttons said, adding,
It is the highest price on a per square foot basis ever achieved for an entire floor in Suntec City Tower 2.
Largest transaction for the tower in 2022
It’s also the largest transaction by quantum and the highest psf price for the tower this year, EdgeProp noted, based on caveats that have been lodged.
The previous record was in Jan 2020.
Then, a 33rd-floor unit in the tower fetched S$38 million for 11,840.40 sq ft — working out to about S$3,209 psf.
Tower 2 has 44 storeys in total.
Suntec City floor has unblocked view
The buyer is a Singapore PR of Chinese decent, EdgeProp quoted Mr Aric Lim, associate senior division director at Huttons Group, as saying.
Mr Lim, who brokered the deal, said the man liked the floor for its unblocked view of Marina Bay.
He renovation works carried out by its previous owner was also well-thought-out, and suited his needs.
Out of the floor’s current three units, two are occupied by a company, reported The Straits Times (ST).
The last one will be for the buyer’s own use, Mr Lim added.
Seller made S$9.75M profit
The last time the floor was purchased was in Feb 2016.
At that time, the buyer paid S$29 million (S$2,469 psf).
Thus, by selling it for S$38.8 million, they made a profit of S$9.75 million, according to EdgeProp.
Paying top dollar for the view
As most Singaporeans won’t see that much cash in their lifetimes, such a sum might seem over-the-top for an office in the air.
However, if we could afford it, perhaps we’d pay top dollar for such a magnificent view too.
Hopefully, those who work there will enjoy gazing out at Marina Bay every day.
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