Three office floors on Cecil Street up for sale with S$110m asking price
THREE floors of strata office space at 20 Cecil Street have been put up for sale with an asking price of S$110 million, or about S$36 million to S$37 million per floor.
The strata offices, which are located on high floors, have a combined gross floor area of 33,648 square feet (sq ft), or 11,216 sq ft per floor, joint marketing agents PropNex and Colliers said on Monday (Jan 9).
Foreigners and corporates are eligible to purchase the strata offices, with no additional buyer’s stamp duty and seller’s stamp duty payable.
20 Cecil Street is a 28-storey Grade A office development with a 99-year leasehold starting from Dec 7, 1989. It is located in Singapore’s central business district with dual frontages along Cecil Street and Church Street, as well as direct sheltered access from Raffles Place MRT Interchange Station.
The property is also within the vicinity of Telok Ayer MRT Station and near major expressways like the East Coast Parkway and Marina Coastal Expressway.
“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,” said Tang Wei Leng, Colliers Singapore managing director and head of capital markets and investment services.
Core CBD premium and Grade A office rents also jumped 5.9 per cent on the year in the fourth quarter of 2022, she added.
PropNex executive chairman and chief executive Ismail Gafoor noted the strong demand from family offices and tech companies, who are seeking vacant units in their office relocations to Singapore, particularly in Raffles Place.
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