Solitaire On Cecil Poised To Sell Out
SINGAPORE – Solitaire on Cecil, an upcoming mixed-use commercial property at 148 Cecil Street in the city-state’s central business district (CBD) is poised to sell its remaining office floors less than 3 months after owners TE Capital and LaSalle Investment Management put them up for sale, reported Mingtiandi on Sunday evening (11 June, SGT).
Sources revealed that last week, a Chinese investor was granted an option to purchase (OTP) level 5 of Solitaire on Cecil for about S$4,010 psf to S$4,020 psf, picking up the last of the 15 strata-titled office floors in the 20-storey building.
The unnamed Chinese buyer is estimated to be paying more than S$50 million for the 5th floor. According to independent calculations, the development’s typical floor plate ranges from 12,465 sq ft to 13,132 sq ft in net salable area, with the entire project spanning 192,000 sq ft.
The imminent last sale comes after separate foreign nationals acquired levels 8, 9, and 13 at Solitaire on Cecil in May, revealed real estate agency Singapore Realtors Inc (SRI), which brokered five transactions in all including a separate deal for level 11.
Last month, subsidiaries of local non-profit Thye Hua Kwan (THK) Moral Charities also purchased levels 10 and 14 for S$103.33 million in all, valuing each office floor at an average of S$4,150 psf. Global Impact Assets’ Founder and Managing Partner Gillian Chee also brokered the sale of another office floor for S$4,264 psf
In April, a local firm established a new record price for freehold strata offices in Singapore when it bought level 20 for S$4,325 psf, alongside the 17th and 18th floor. The transaction was brokered by Savills. Moreover, buyers picked up levels 6 and 12 during the project’s preview during the first two months of the year.
With the looming sell out, sources disclosed that the owners of Solitaire on Cecil have halted marketing the office floors. More importantly, the brisk sale of Solitaire on Cecil’s office floors is attributed to the robust demand from family offices and super-wealthy individuals.
“The product is very well designed specifically to cater to family offices and businesses of high net worth individuals,” commented Global Impact Assets’ Chee.
“There are a lot of family offices coming to Singapore and they are looking for ways to upgrade efficiently. Especially for foreign companies, they come with a strong balance sheet and they are able to afford to buy.”