Last Three Floors Solitaire Cecil Sold 4130 4200 Psf
The top three floors at Solitaire on Cecil, a freehold strata office development on Cecil Road, have recently been sold. According to Savills Singapore, the broker for all three units, the sales took place between April and July at prices ranging from $4,130 to $4,200 psf.
Transactions recorded by URA Realis database show that the ninth floor units with a combined strata area of 12,465 sq ft were sold for a total of $51.48 million ($4,130 psf) in April. The eighth floor units also fetched the same amount, although the transaction was not recorded. Another entire floor on the 13th floor, with a strata area of 13,132 sq ft, was sold in July for $55.15 million ($4,200 psf), based on a registered transaction.
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The sale of these final three units means that Solitaire on Cecil is now fully sold, just 16 months after its launch in March 2023. The transactions were brokered by Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, who believes that the quick sales are a testament to the strong demand for investment-grade strata offices. She also predicts that the demand will continue to be strong.
Latest transactions at Solitaire on Cecil (Source: EdgeProp Buddy)
Savills Singapore has brokered seven out of the 15 office floors at Solitaire on Cecil, accounting for a total transaction value of around $371 million. This includes the largest transaction at the development, where three floors (Levels 17, 18 and 20) were sold to a single buyer in April 2023 for $162.8 million, setting a new record for the highest psf price achieved for an office transaction in Singapore at $4,325 psf.
Solitaire on Cecil is a Grade A office tower that also houses two F&B units on the first floor, with a strata area of 936 sq ft each. According to recorded transactions, these F&B units were sold for $5.054 million ($5,397 psf) and $8.178 million ($8,733 psf) in April 2023.
Construction is still ongoing at the 20-story building, which is a joint development by TE Capital Partners and LaSalle Investment Management. It is expected to be completed by April 2028.
Latest rental transactions on Cecil Street (Source: EdgeProp Landlens)
In early August, TE Capital Partners, LaSalle Investment Management, and Metro Holdings launched units for sale at VisionCrest Orchard, a freehold strata-titled commercial development on 103 Penang Road. This 10-story commercial block has 10 floors of offices and one floor of retail shops on the first level, with a typical floor plate of around 14,500 sq ft.
The sixth and ninth floors at VisionCrest Orchard were listed 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.
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Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, commented that the demand for investment-grade strata offices remains strong.