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Co-working space operator signs six-year lease for 16 floors in Cecil Street building
A CO-WORKING space operator has signed a six-year contract for an entire building in Cecil Street.
The signing of a binding lease agreement was announced on Tuesday by Vibrant Group, which holds a stake in the property's owner, Ececil.
Vibrant did not give the name of the co-working space firm, but previous media reports have named the tenant as Hong Kong-based Campfire, which would mark its debut in Singapore.
The 11-storey building at 139, Cecil Street is now undergoing major renovation works that will add five floors, including a roof terrace.
Vibrant said that the building should be operational by mid-2019, or one year behind the schedule for completion that was announced when the property - formerly known as Cecil House - was unsuccessfully put up for sale in April 2017 with an indicative price of S$210 million.
Ececil is 40 per cent owned by a joint venture (JV) between Vibrant and DB2 Group - with Vibrant holding 51 per cent of the JV company - while the rest of the property was bought by a Shanghai-based family in 2016.
Vibrant finished up by 0.4 Singapore cent, or 2.38 per cent, at S$0.172, before the announcement.