Highest record set for commericial office transaction in the central business district (level 20 of Solitaire on Cecil) at $4,325 per square foot
Savills Singapore is pleased to announce the sale of levels 17, 18 and 20 of Solitaire on Cecil for a total of S$162.8 million, or S$4,300 per square foot on a blended basis across the total strata area of 37,857 square foot. The sale of these three office floors marks one of the largest strata office transaction by quantum since January 2022, and level 20 was sold at S$4,325 per square foot, setting an all-new benchmark high pricing for commercial office transactions in the Central Business District.
The other bulk strata office transaction in recent preceding years are:
• Suntec City portfolio comprises of six office floors at S$197 million, or S$2,510 per square foot, in June 2021. The deal was brokered by Savills Singapore;
• 65 commercial units in Crown at Robinson at S$260 million, or S$3,650 per square foot, in Oct 2021.
Solitaire on Cecil is the one and only Freehold, investment grade, brand new strata office building that boasts excellent specificiations such as double-ceiling height and an independent air-conditioning system. This 20-storey office tower, which is jointly developed by TE Capital Partners and LaSalle Investment Management, is strategically located within the heart of Singapore financial district and will be awarded a Green Mark Platinum award upon completion in end 2026.
Galven Tan, Deputy Managing Director, Savills Investment Sales & Capital Markets, said: “Savills is delighted to clinch this notable transaction which marks the largest strata office transaction since January 2022. Given the high quality specifications of the development and freehold nature, we have received strong interest from local and foreign high-net-worth family office and corporate users. We are glad to have brokered the three floors to a local company expanding its operations in Singapore.”
Yap Hui Yee, Executive Director, Savills Investment Sales & Capital Markets, adds: “With very limited supply of strata office in the market, the result is a testament to the robust demand for investment grade strata office. There are only a total of 15 office floors in Solitaire on Cecil and we have seen increasingly strong momentum on the take up rate with 5 of the office floors being sold to high-net-worth individuals and family offices. We envisage that the rest of the remaining office floors will continue to command strong interest from the market.”
Please contact Savills Investment Sales and Capital Markets team, should you like to find out more about Solitaire on Cecil.
1. Galven Tan, Deputy Managing Director, Savills Investment Sales & Capital Markets at
+65 9799 4898
2. Yap Hui Yee, Executive Director, Savills Investment Sales & Capital Markets at
+65 9852 3687
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Download the Sales and Investment Briefing for Q1 2023 here.