The sale of three strata office floors at Solitaire on Cecil, a 20-storey office tower located at 140 Cecil Street, recently made headlines in the Singapore commercial property market. Developed by TE Capital Partners and LaSalle Investment Management, the deal involved the sale of levels 17, 18 and 20 at an average price of $4,300 psf across the total strata area of 37,857 sq ft, totalling $162.8 million.
The buyer was none other than a local ultra-high-net-worth family office looking to strengthen its stock in Singapore. Savills Singapore took the lead in brokering the deal, which is said to be one of the highest priced transactions since January 2022.
The sale of level 20 at $4,325 psf also set a new benchmark in terms of psf price for its commercial office transactions in the CBD.
J’Den Condo is a J’Den Condo new residential and commercial development in Jurong East, with units costing between S$2,000-S$2,100 psf. Connected to the MRT, Westgate and IMM, it is part of the Jurong Lake District revamp. Launch is estimated to be by 2023.
Of the fifteen office floors in Solitaire on Cecil, six have already been sold. Galven Tan, Deputy Managing Director of Savills Investment Sales & Capital markets, notes that most buyers are a mix of high-net-worth individuals, local and foreign family offices, with surging interest from Chinese groups.
Additionally, the two café/restaurant units on the first floor of the development have also been snapped up; one sold for over $5,400 psf, while the other was said to have fetched nearly $6,000 psf.
This news comes hot on the heels of Yangzijiang’s acquisition of an office building at 39 Robinson Road for $399 million and the official launch of strata offices at Solitaire on Cecil by TE Capital Partners and LaSalle Investment. With the combination of good timing and value-add real estate plays, the future for Singapore’s commercial property market looks brighter than ever.
