2 Storey Purchase At Octagon Bills Indonesian Group Singaporean $30.3 Million
A 2 story purchase at The Octagon along Cecil Street has billed an Indonesian group Singaporean $30.3 million. It is being revealed that after the market has settled down, the prices have somewhat bounced back and today, at the Springleaf Tower, the 20th floor has been sold for S$25 million.
It seems like the strata office market is recovering and complete office floors are being sold in the Central Business District. In line with this report, new sources reveal that in the Cecil Street, two levels of The Octagon are being sold for S$30.3 million. This is equal to S $2450 per square foot for the 9th and 10th levels.
The purchase is being made by a Singapore initiated company which is owned by the Murdaya family. Sources reveal that they are buying 2 floors from the Singapore Johore Express, which is controlled fully by the Lee household. The Murdayas already own two of the two floors of the huge, 25 story building. They are currently using level 25 as their prime office. Now, the rich family is buying level 9 and 10 of the floor. Each of the floors size 6189 sq. ft. and have a total measuring area of 12,378 sq. ft. As of now, the space is vacant but the Murdayas are planning to lease it out.
Previously, the Murdayas paid S$2294 per square ft. for Level 24. This purchase was made during the late 2016. However, now, it is being revealed that it is paying a higher price, S$2450 per sq. ft. for level 9 and 10 each. This amount is higher than what the family paid back in 2016. On the other hand, it got the Level 25 for $1278 per square ft. back in 2009. These stats reveal that the prices of the floors have increased over the years. From 2009, the difference is drastic but from 2016, the difference is not that big. The levels have been brokered by Cushman & Wakefield.
Contrarily, at the Springleaf Tower located on Anson Road, the 20th floor of the building has sold for S$25 million, which is equal to S $2419 per square ft. The Springleaf is a 37 floor building. The seller, on the other hand, is Hequ Trading, which is controlled primarily by Asif family. Hequ Trading is responsible for trading bulk products such as margarine, palm oil and others. The buyer of the floor happens to be a Hong Kong headquartered company which is currently supplying steel mill rolls. The deal for Springleaf has been brokered by CBRE.
Big buildings are being sold for more and the floors on these buildings cost higher if we look at them separately. The fact that these big purchases are being made is a proof that companies are still looking to lease or buy particular floors in big office buildings so that they can work remotely from there or lease them out to interested parties. The trend of buying entire buildings is diminishing and the transition towards renting particular office spaces or floors is a clear sign that the demand for coworking spaces is increasing.