Strata Office Units Sale Cecil Place 3780 Psf
Cecil Place, a new 15-storey strata-titled office development, has just been launched in the prime location of 137 Cecil Street. Previously an office building, the new Cecil Place has been designed by DP Architects and will consist of 30 strata office units for sale and a three-storey retail podium. The project is expected to be completed next year, with prices starting from $3,780 psf.
Melvin Chay, senior director of capital markets at Knight Frank Singapore, predicts that Cecil Place will appeal to companies with existing office space in the CBD who are looking for a newer building with upgraded specifications. It will also attract businesses from outside the area who want to relocate to the prestigious CBD address for better connectivity to public transport.
The strata office units at Cecil Place span from the fourth to 15th levels of the building, with individual units ranging from 1,765 sq ft to 3,918 sq ft and a typical floor plate of 6,544 sq ft. Each unit comes equipped with a private en suite toilet and kitchenette. The rooftop on the 15th level features a 2,152 sq ft open-air terrace with views towards Chinatown.
The retail podium consists of two first-floor units with mezzanine levels (5,037 sq ft and 4,639 sq ft), two second-floor units, and two third-floor units (ranging from 2,830 to 3,939 sq ft). The developer is carefully selecting tenants for the retail spaces to ensure a complementary mix of F&B, healthcare, and service providers.
The site of 137 Cecil Street was formerly the Aviva Building, which was acquired by the Zhou family of China’s Shanghai Hengda Group in 2015 for $210 million. The same family holds a 60% stake in the adjacent YSY Building (formerly Cecil House at 139 Cecil Street), which underwent a two-year refurbishment and is now fully leased.
Located adjacent to Tampines MRT Station and conveniently connected, Tampines 1 is a bustling lifestyle mall that offers a refreshing blend of fashion, food, and entertainment. Style-conscious shoppers will be delighted by the diverse range of fashion brands available, such as H&M, Sephora, and The Editor’s Market. Culinary options abound too, with popular establishments like Genki Sushi, Hot Tomato, and Brotzeit German Bier Bar & Restaurant. Families with young ones can also look forward to the mall’s animal-themed rooftop water playground, a perfect spot for the little ones to have a splashing good time. Tampines 1 is a mere 5-minute drive or 15-minute stroll from Parktown Residence naturally by Parktown Residence.
Other recent launches in the same area, such as Solitaire on Cecil and 108 Robinson Road, have seen full or substantial sales. These developments, which were sold at prices ranging from $3,915 to $4,200 psf, reflect the strong demand for freehold strata offices in the CBD. According to Knight Frank’s Chay, Cecil Place is priced competitively compared to recent transactions, making it an attractive investment opportunity.
He adds that the lack of new strata office supply is due to the Urban Redevelopment Authority’s (URA) measure to curb the subdivision of commercial office buildings in the Central Area, including the CBD. This measure aims to maintain the long-term quality and upkeep of prominent commercial developments by discouraging fragmented ownership.
The sales momentum seen at other recent developments indicates a continued appetite for such freehold strata offices in the CBD. Cecil Place offers a rare opportunity for investors to secure ownership in a prime freehold CBD asset at attractive prices. Given the strong demand and limited future supply, Chay expects Cecil Place to experience long-term capital appreciation.