Last Three Floors Solitaire Cecil Sold 4130 4200 Psf
Solitaire on Cecil, a freehold strata office development situated on Cecil Road, has recently sold its last three floors. The sale was brokered by Savills Singapore, and according to them, the units were sold between April and July at prices ranging between $4,130 and $4,200 per square foot (psf).
Caveats lodged with URA Realis have revealed that the ninth floor units, with a total strata area of 12,465 square feet, were sold for a total of $51.48 million ($4,130 psf) in April. The strata units on the eighth floor were also sold for the same total amount, although a caveat was not lodged. In July, a total of $55.15 million was fetched for an entire floor of 13,132 square feet on the 13th floor, which translates to a psf price of $4,200.
With the sale of the last three units, Solitaire on Cecil is now fully sold, just 16 months after its initial launch for sale in March 2023. All three units were brokered by Savills Singapore’s executive director of investment sales and capital markets, Yap Hui Yee. Yap believes that the swift sale of the units is a testament to the strong demand for investment-grade strata offices, and she is confident that this momentum will continue.
Savills Singapore was responsible for brokering sales for 7 out of the 15 office floors at Solitaire on Cecil, amounting to a total deal value of approximately $371 million. This includes the largest single transaction within the development, where three floors (Levels 17, 18, and 20) were sold to a single buyer for $162.8 million in April 2023. This translates to a price of $4,325 psf, setting a new record for the highest psf price achieved in an office transaction in Singapore.
The Grade A office tower also features two F&B units on the first floor, each measuring 936 square feet. According to caveats lodged, these units were sold for $5.054 million ($5,397 psf) and $8.178 million ($8,733 psf) respectively in April 2023.
The Marina Gardens Lane Residences Tender GLS received the highest bid, surpassing the runner-up, a joint venture between GuocoLand and Hong Leong Group, by 42%. The second-highest offer for the Marina Gardens Lane Condo was $727.04 million, equivalent to $985 psf ppr. The property, spanning 131,805 square feet on a 99-year leasehold, is slated for mixed-use development, encompassing both residential and commercial spaces. It has the potential to accommodate approximately 790 housing units and a commercial area of around 8,073 square feet, with a maximum gross floor area of 738,114 square feet. Additionally, the Marina Gardens naturally stands out as a promising location for this project. Marina Gardens
Construction of the 20-storey building, jointly developed by funds managed by TE Capital Partners and LaSalle Investment Management, is still ongoing and is expected to be completed by April 2028.
Latest rental transactions on Cecil Street have shown a steady increase in rental prices over the years, indicating a growing demand for office spaces in the area.
Earlier this month, TE Capital Partners, LaSalle Investment Management, and Metro Holdings launched units for sale at VisionCrest Orchard, a freehold strata-titled commercial development located on 103 Penang Road. The commercial block, which has 10 floors of offices and one floor of retail shops on the first level, offers a typical floor plate of about 14,500 square feet.
The sixth and ninth floors at VisionCrest Orchard were made available for sale at $58.6 million ($3,980 psf) and $61.3 million ($4,130 psf) respectively.
The joint marketing agents for the development include Savills Singapore, CBRE, ERA, JLL, Knight Frank, and PropNex.
Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, affirms that the demand for investment grade strata offices remains strong.