3 Office Floors In 20 Cecil Street Enter Market For S$110mil
SINGAPORE – Three strata office floor in 20 Cecil Street, a 28-storey Grade A office building, have been made available for sale for a total of S$110 million, which works out to around S$36 million to S$37 million per office floor, reported The Business Times on Monday afternoon (9 January, SGT).
Marketing agents Colliers and PropNex revealed that the office floors are situated on high levels. Also, their average floor area is at 11,216 sq ft, with the overall measurement at 33,648 sq ft.
Notably, 20 Cecil Street is an office tower that stands on a land plot with a leasehold tenure of 99 years commencing from 7 December 1989. Located in Singapore’s central business district (CBD), the commercial property benefits from having dual frontages along Church Street and Cecil Street.
“With the tight supply in the core central business district (CBD) Premium and Grade A office submarket, we believe there is strong rent upside potential for these properties,” commented Colliers Singapore’s Head of capital markets & investment, Tang Wei Leng.
According to Colliers data, the rent of premium and Grade A office space in the core CBD increased by 5.9 percent in Q4 2022 on an annual basis.
Meanwhile, PropNex’s CEO Ismail Gafoor shared that there’s robust demand from family offices and tech firms, which are looking for vacant office units so they can relocate elsewhere in Singapore, especially in Raffles Place.
Apart from being also close to the Telok Ayer MRT Station, 20 Cecil Street is also directly connected to the Raffles Place MRT Interchange Station via a sheltered accessway. The commercial property is also close to major expressways, such as the Marina Coastal Expressway and East Coast Parkway.
Given that the site 20 Cecil Street sits on is zoned for commercial use. Foreign investors and companies are permitted to acquire the office floors, and the transaction is not subject to the seller’s stamp duty (SSD) and additional buyer’s stamp duty (ABSD).