Artist's impression of Solitaire on Cecil (Source: Savills Singapore)
SINGAPORE (EDGEPROP) - At Solitaire on Cecil, an upcoming freehold, 20-storey office tower by TE Capital Partners and LaSalle Investment Management, three strata floors at levels 17, 18 and 20 were sold for $162.8 million, or an average of $4,300 psf across the total strata area of 37,857 sq ft.
The buyer is a local company belonging to an ultra-high-net-worth family looking to expand its operations in Singapore. Savills Singapore brokered the deal.
Solitaire on Cecil, a redevelopment of the former PIL Building is a new 20-storey office tower at 140 Cecil Street (Source: EdgeProp Landlens)
The sale of the three strata office floors at Solitaire on Cecil marks one of the most significant transactions by absolute price since January 2022. The sale of level 20 at $4,325 psf set a new benchmark for psf price for commercial office transactions in the CBD. (Find Singapore commercial properties with our commercial directory)
There are only 15 office floors in Solitaire on Cecil, six of which have already been sold. “Most buyers are high-net-worth individuals and local and foreign family offices,” says Galven Tan, deputy managing director of Savills investment sales & capital markets. “We have more interest and requests for viewings from Chinese groups, too.”
Savills' Tan: Most buyers are high-net-worth individuals and local and foreign family offices (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The two café/restaurant units on the first floor of Solitaire on Cecil have also been taken up: one unit was sold for over $5,400 psf, while the other was said to have fetched nearly $6,000 psf.
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