Last Three Floors Solitaire Cecil Sold 4130 4200 Psf
The final three floors of Solitaire on Cecil, a freehold strata office development on Cecil Road, have been snapped up. All three units were sold between April and July this year at prices ranging from $4,130 to $4,200 per square foot (psf), according to Savills Singapore, who brokered the deals.
Caveats lodged with URA Realis indicate that the ninth floor, with a total strata area of 12,465 square feet, was sold for a total of $51.48 million ($4,130 psf) in April. The eighth floor also fetched the same amount, although no caveat was lodged. In July, a full floor of 13,132 square feet on the 13th floor was sold for $55.15 million ($4,200 psf), based on a caveat lodged.
These three sales complete the 100% sale of Solitaire on Cecil, a mere 16 months after it was launched in March 2023. All three units were brokered by Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore. Yap believes the short time taken to broker these sales is a testament to the strong demand for investment-grade strata offices, and she is confident that momentum will remain strong.
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Savills has brokered the sale of seven (47%) of the 15 office floors at Solitaire on Cecil, with a combined 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 psf price of $4,325, setting a new record for the highest psf price on an office transaction in Singapore.
In addition to the 20-story Grade A office tower, the development also includes two F&B units on the first floor, each spanning 936 square feet. These were sold for $5.054 million ($5,397 psf) and $8.178 million ($8,733 psf) respectively in April 2023, according to caveats lodged.
Construction of the building, jointly developed by TE Capital Partners and LaSalle Investment Management, is still in progress and is expected to be completed by April 2028.
On the market since earlier this month is VisionCrest Orchard, a freehold strata-titled commercial development at 103 Penang Road. Developed by TE Capital Partners, LaSalle Investment Management, and Metro Holdings, the 10-story commercial block features 10 floors of offices, with one floor of retail shops on the first level. The typical floor plate for the offices is around 14,500 square feet.
Two floors at VisionCrest Orchard, the sixth and ninth, have been made available for sale at $58.6 million ($3,980 psf) and $61.3 million ($4,130 psf) respectively. 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, says that the demand for investment-grade strata offices remains strong.
