Last Three Floors Solitaire Cecil Sold 4130 4200 Psf
Solitaire on Cecil, a freehold strata office development on Cecil Road, has announced that its last three floors have been sold. The sales were brokered by Savills Singapore and took place between April and July, with prices ranging from $4,130 to $4,200 per square foot (psf).
According to URA Realis, the 9th floor, with a total strata area of 12,465 sq ft, was sold for a total of $51.48 million ($4,130 psf) in April. The 8th floor was also sold for the same amount, but a caveat was not lodged. Finally, the 13th floor, with a total strata area of 13,132 sq ft, was sold for $55.15 million ($4,200 psf) in July.
This marks the completion of the sale for all units at Solitaire on Cecil, a mere 16 months after its launch in March 2023. Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, brokered all three sales. She believes that the fast sale of these units indicates strong demand for investment-grade strata offices and expects the momentum to continue.
Out of the 15 office floors at Solitaire on Cecil, Savills brokered seven (47%), amounting to a total value of approximately $371 million. The biggest sale within the development was for three floors (Levels 17, 18, and 20) to a single buyer in April 2023 for $162.8 million, setting a new record for the highest psf price achieved on an office transaction in Singapore at $4,325 psf.
The 20-story Grade A office tower includes two F&B units on the first floor, each measuring 936 sq ft. According to caveats, they were sold for $5.054 million ($5,397 psf) and $8.178 million ($8,733 psf) in April 2023.
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In the same area, TE Capital Partners, LaSalle Investment Management, and Metro Holdings have launched for sale units at VisionCrest Orchard, a freehold strata-titled commercial development on 103 Penang Road. The 10-storey commercial block has 10 floors of offices and one floor of retail shops on the first level, with a typical floor plate of approximately 14,500 sq ft.
Two units at VisionCrest Orchard, on the 6th and 9th floors, were put on sale for $58.6 million ($3,980 psf) and $61.3 million ($4,130 psf) respectively. Savills Singapore, CBRE, ERA, JLL, Knight Frank, and PropNex have been appointed as the joint marketing agents for the development.
Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, believes that the demand for investment-grade strata offices is still going strong.