Office Floor At Solitaire on Cecil Snapped Up For S$52.3mil
SINGAPORE – Marketing agent Cushman & Wakefield (C&W) revealed that a strata office floor on level 12 of Solitaire on Cecil, which is expected to be completed in late-2026, has changed hands for S$52.3 million, reported The Business Times on Friday evening (24 March, SGT).
As the strata office floor measures 12,465 sq ft, the price works out to a record psf price of S$4,196. This exceeded the prior record of S$4,050 psf that was clinched by an office unit at Samsung Hub two years ago. The latest deal is also Singapore’s biggest office property transaction so far this year.
Notably, the 20-storey Solitaire on Cecil will rise on the site of the former PIL Building at Cecil Street. Previously, LaSalle Investment Management and TE Capital Partners teamed up to acquire the site in early-2022.
The freehold office development will consist largely of office space across 15 levels. Floor plates range between 11,000 and 13,000 sq ft, with office rents expected to about S$12 psf per month.
C&W’s Executive Director for capital markets Shaun Poh disclosed that level 12 of Solitaire on Cecil will comprise eight strata office units, with sizes ranging from 1,109 to 2,530 sq ft. The entire office floor was acquired by an overseas national.
Several months ago, level 6 in the same office building was divested for S$48.2 million, or S$3,865 psf based on its similar strata area of 12,465 sq ft. Poh also added that they are in talks to sell more floors at the office project.
The marketing agent said Solitaire on Cecil is one of the few freehold Grade A strata-titled office towers in Singapore’s central business district (CBD). It is also the first newly launched strata office development for about six years, since the unveiling of Woods Square in Woodlands and Centrium Square in Serangoon.
Moreover, C&W pointed out that Solitaire on Cecil’s only office building rival in the vicinity is the 30-storey Samsung Hub at Church Street, but the latter opened long ago in 2006.
Meanwhile, a report by Knight Frank showed that similar to the trend for shophouses, more commercial retail investors are gravitating towards strata office space in the suburbia or in well-located buildings in the CBD as long as they are close to an MRT station.
“The momentum for strata office space that started in 2021 continued in 2022, and is likely to remain steady in 2023 with an expected total transaction value ranging from S$1.1 billion to S$1.2 billion,” added the real estate consultancy.