Two Freehold Strata Office Floors at The Octagon up for sale
By Bong Xin Ying
/ EdgeProp |
On April 2, two freehold office floors at The Octagon were been put up for sale by expression of interest. According to exclusive marketing agent Cushman & Wakefield, the asking price is about $30.3 million ($2,450 psf).
Located on the 9th and 10th floor of The Octagon, the properties have a total strata area of about 12,378 sq ft. Each floor has a plate size of about 6,189 sq ft. Buyers have the option to purchase both floors together or individually.
The Octagon building (credit: Cushman & Wakefield)
The Octagon is a 25-storey office building sitting on a prime freehold plot at 105 Cecil Street in the CBD. It has two levels of basement car parks for season parking. The site is at the junction of Boon Tat Street and Cecil Street, and within walking distance to Raffles Place and Telok Ayer MRT stations.
Recent transactions of strata office at Prudential Tower and GSH Plaza on the same street were contracted at above $2,600 and $2,900 per sq ft respectively. Both developments are of 99-year leasehold tenure.
Due to the prime location, freehold tenure, and limited strata office floors of this size for sale on the market, strong interest is expected for the property, says Shaun Poh, executive director of capital markets at Cushman & Wakefield.
The EOI exercise will close on May 4.
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