3 Office Floors At Solitaire on Cecil Sold For S$162.8m

SINGAPORE – In a deal brokered by Savills, level 17, 18, and 20 of Solitaire on Cecil changed hands for a total of S$162.8 million, according to a report from The Business Times on Tuesday evening (25 April, SGT).

On a blended basis across the commercial property’s overall strata area of 37,857 sq ft, the selling price works out to S$4,300 psf. In particular, the 20th floor was sold for S$4,325 psf, a new record psf price for strata office space in Singapore’s central business district (CBD).

Interestingly, the previous record was set by the same office building in March 2023, when the 12th floor was purchased for S$52.3 million (S$4,196 psf).

Aside from that, the S$162.8 million transaction is also among the biggest strata office deals in Singapore since January 2022.

Solitaire on Cecil is a 20-storey mixed-use commercial property currently being built by owners TE Capital Partners & LaSalle Investment Management. The buyer of the three floors is a local firm owned by an ultra-high-net-worth family that plans to expand its operations here.

The building only has 15 levels of office space, of which 6 have already been snapped up. “Most buyers are high-net-worth individuals and local and foreign family offices,” disclosed Savills’ Deputy Managing Director for investment sales & capital markets, Galven Tan.

He added that they have received more interest and viewing requests from Chinese groups as well.

Upon completion by 2026, the 20-storey building will contain office space ranging between 11,000 sq ft and 13,000 sq ft. Monthly office rents there are expected to be around S$12 psf.