Last three floors at Solitaire on Cecil sold at $4,130 to $4,200 psf
By Nur Hikmah Md Ali
/ EdgeProp Singapore |
Savills brokered sales for seven of the 15 office floors at Solitaire on Cecil, representing a combined deal value of about $371 million (Photo: Savills Singapore)
The last three floors at Solitaire on Cecil, a freehold strata office development on Cecil Road, have been taken up. According to Savills Singapore, which brokered the sale of all three units, they were sold between April and July at prices ranging between $4,130 and $4,200 psf.
Caveats lodged with URA Realis show that units on the ninth floor, with a total strata area of 12,465 sq ft, were sold for a total of $51.48 million ($4,130 psf) in April. The strata units on the eighth floor also fetched a total of $51.48 million ($4,130 psf), although a caveat was not lodged. Meanwhile, an entire floor of 13,132 sq ft on the 13th floor fetched $55.15 million ($4,200 psf), based on a caveat lodged in July.
The sale of these last three units means that Solitaire on Cecil is now 100% sold, just 16 months after the development was first launched for sale in March 2023. All three units were brokered by Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore. According to Yap, brokering the sales within a short period of time attests to the robust demand for investment-grade strata offices, and she reckons that momentum is still strong.
Latest transactions at Solitaire on Cecil (Source: EdgeProp Buddy)
Savills brokered sales for seven (47%) of the 15 office floors at Solitaire on Cecil, representing a combined deal value of about $371 million. This includes the single largest transaction within the development: The sale of three floors (Levels 17, 18 and 20) to a single buyer in April 2023 for $162.8 million. This works out to $4,325 psf across the strata area, which set a new record for the highest psf price achieved on an office transaction in Singapore.
The Grade A office tower includes two F&B units on the first floor, each 936 sq ft. According to caveats lodged, the F&B units were sold for $5.054 million ($5,397 psf) and $8.178 million ($8,733 psf) each in April 2023.
Construction is still underway at the 20-story building, which is jointly developed by funds managed by TE Capital Partners and LaSalle Investment Management. It is expected to be completed by April 2028.
Latest rental transactions on Cecil Street (Source: EdgeProp Landlens)
Earlier this month, TE Capital Partners, LaSalle Investment Management and Metro Holdings launched for sale units at VisionCrest Orchard, a freehold strata-titled commercial development on 103 Penang Road. The 11-storey commercial block has 110floors of offices and one floor of retail shops on the first level. The offices have a typical floor plate of about 14,500 sq ft.
The sixth and ninth floors at VisionCrest Orchard were released for sale at $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 development's joint marketing agents.
Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore: Demand for investment grade strata offices is going strong
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