A 99-year leasehold building located at 139 Cecil Street has been put up for sale by expression of interest. The indicative price for the completed property is $210 million. According to Cushman & Wakefield, the sellers — DB2 Land, Vibrant Group and Shanghai HengDa — had applied for a lease top-up, but were unsuccessful, which means the redeveloped building will have a remaining lease of 63 years.

Cushman & Wakefield says the existing 11-storey office building, which was built in the 1980s, has an untapped plot ratio. 139 Cecil Street sits on a 99-year leasehold site of 7,936 sq ft. According to the 2014 Master Plan, it is zoned for “commercial” use, with a plot ratio of 11.2, which means a new building of up to 35 storeys could be built on the site.

“The developer has obtained approval to strata-subdivide the new development into 99 office units and three retail units, so that the subsequent owner has the option to sell the strata-titled units when the market recovers,” says Shaun Poh, executive director of capital markets at Cushman & Wakefield.

The existing building is vacant and the vendor has commenced work to redevelop it into a new 16-storey boutique commercial building with office space, ground-level F&B outlets and car park. The new total lettable area (NLA) is estimated to be 85,000 sq ft. The redevelopment is expected to be completed by 2Q2018.

The expression of interest closes on May 25.