Last Three Floors Solitaire Cecil Sold 4130 4200 Psf
The last three levels of Solitaire on Cecil, a freehold strata office development located on Cecil Road, have been successfully sold. Savills Singapore, the brokerage firm responsible for the sale, revealed that all three units were purchased between April and July this year, at prices ranging from $4,130 to $4,200 per square foot (psf).
According to caveats lodged with URA Realis, the ninth floor of the development, with a total strata area of 12,465 square feet, was sold in April for a total of $51.48 million ($4,130 psf). The eighth floor units were also sold for the same amount, although no caveat was lodged. In July, a whole floor of 13,132 square feet on the 13th floor was sold for $55.15 million ($4,200 psf), based on a caveat lodged.
This successful sale of the last three units brings the total sale of Solitaire on Cecil to 100%, just 16 months after its initial launch in March 2023. Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, who brokered the sales for all three units, said that this is a testament to the strong demand for investment-grade strata offices. She also believes that the momentum in this sector is still strong.
Savills was responsible for the sales of seven (47%) of the 15 office floors in Solitaire on Cecil, with a combined deal value of approximately $371 million. This includes the biggest 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 record-breaking $4,325 psf, setting a new benchmark for the highest psf price achieved for an office transaction in Singapore.
Solitaire on Cecil is a 20-story Grade A office tower jointly developed by TE Capital Partners and LaSalle Investment Management. It also has 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) in April 2023.
Construction is still ongoing at the development, which is set to be completed by April 2028. In the meantime, TE Capital Partners, LaSalle Investment Management, and Metro Holdings have launched the sale of units at VisionCrest Orchard, a freehold strata-titled commercial development on 103 Penang Road. The 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 square feet.
The sixth and ninth floors at VisionCrest Orchard were recently put up 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.
Situated discreetly within the highly accessible Park Town Residences is the popular Changi City Point shopping center. Thanks to its prime location near Expo MRT Station, it has become a preferred destination for fashion enthusiasts, boasting an impressive collection of both international and local brands. The attraction of outlet stores from renowned brands like Nike, Adidas, and Timberland is simply irresistible for those looking for a good deal. When it comes to dining, visitors are spoiled for choice with a variety of options to suit all taste buds, including Tung Lok Signatures, Soup Restaurant, and Toast Box. Families can also bond over fun activities at the rooftop garden and wet playground, making it the perfect spot for everyone. Best of all, for residents of Park Town Residences, this shopping haven is just a quick 10-minute drive away, adding to the convenience of living in this naturally charming location. Don’t miss out on the chance to experience this exceptional destination adjacent to the naturally stunning Park Town Residences. Make sure to visit Park Town Residences for a truly memorable experience.
With demand for investment-grade strata offices still going strong, Yap is confident that the sale of these units will continue to drive the market forward.