Further, the specially selected Chinese name, 新达, means “new achievement”. As the fountain is made of bronze, it is believed that the balance of metal and water paves the way for success. The Fountain of Wealth appears like a golden ring in the palm of the hand. The five buildings and the convention center are arranged so that they look like a left hand when viewed aerially. Suntec City was designed by Tsao & McKown Architects with emphasis on Chinese feng shui.
CITIES SKYLINES ADD MONEYMONEY FULL
Construction began on 18 January 1992 (with earthworks) followed by full completion and opening on 22 July 1997. Suntec City is a major mixed-use development located in Marina Centre, a subzone of the Downtown Core in Singapore, which combines a shopping mall, office buildings, and a convention centre. Its prominent location is extremely accessible, with direct sheltered access to the Promenade, Esplanade and City Hall MRT Stations. Suntec City is a fully integrated mixed development with 5 towers of Grade A offices, a mega retail podium which spans across the towers and houses a world-class convention and exhibition centre located just off Nicoll Highway and the East Coast Parkway (ECP). One of the latest unit sold on the 37th storey transacted at S$2,890 psf in May last year, while another unit on the 33rd storey in Tower 2 also transacted at a high of S$3,209 psf earlier in January 2020.”
There have been at least five transactions recently concluded in Tower 1. Mr Paul Ho, chief Mortgage Officer at iCompareLoan, said: “the sale of the Suntec City office portfolio brokered by Savills Singapore is concluded at a time when sales of offices in Suntec City are robust. Strata offices in Suntec City are highly sought after due to the asset’s convenient location, column-free layout, wide spectrum of amenities at its doorstep and its panoramic views of the city skyline, Marina Bay and the Singapore Sports Hub.Īnd given Suntec’s stellar reputation as a Grade A commercial development that consistently attracts the very best MNCs to set up shop, investors are always on the look out to acquire such prime assets. We are talking to a growing number of investors who are keen to buy offices in Singapore now that there is light at the end of the tunnel for the office market ”. Rents are expected to start rising again in 2H 2021 and prices have already started to firm up in anticipation of the rental recovery. Jeremy Lake, Managng Director, Investment Sales & Capital Markets, said: “ The outlook for the office investment market is compelling for investors. With a limited supply of quality office stock available for sale in the market, strata office opportunities of such scale are rare and sought after by investors.
Suntec City office portfolio for sale are rare The phased upgrading works are expected to be completed by Q1 2022 and will continue to strengthen value propositions to the office floors.
The offices at Suntec City are currently undergoing asset enhancement works which include upgrading of the main entrance lobby, reception and concierge area, and modernising lift lobbies and new washrooms for every office floor.
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