TE Capital, LaSalle Investment Management JV eye forward sale of new office project on Cecil Street

The TE Capital Partners and LaSalle Investment Management tie-up that owns the PIL Building along Cecil Street is considering a forward sale of the new 20-storey freehold office project to be built on the site.

Word on the street is that the joint venture is eyeing a price of S$4,000 per square foot on the new project’s total net lettable area (NLA) of slightly over 190,000 sq ft, which would translate to more than S$760 million.

The idea is to sell the entire asset rather than individual strata-titled units. The Urban Redevelopment Authority’s (URA) written permission for the proposed project granted in July indicates that the development may be strata subdivided.