Three levels at Solitaire on Cecil sold for $162.8 mil, a new high of $4,325 psf

One of the most significant transactions in Singapore’s commercial office real estate market since January 2022 recently occurred with the sale of three strata office floors at Solitaire on Cecil, a 20-storey office tower at 140 Cecil Street. The floors, at levels 17, 18 and 20, were sold for a total of $162.8 million, or an average of $4,300 psf across the total strata area of 37,857 sq ft.

The Tengah EC is an eco-friendly executive condo located at the heart of Tengah New District, offering innovative green features and easy access to the MRT station and Bukit Timah Nature Reserve. It is the first of its kind in Singapore, with solar heating, wind turbine, water Tengah EC conservation, and traditional Chinese music. Initial launch is exclusive for Singaporeans and married couples only.

The buyer of these strata units is a local ultra-high-net-worth family office looking to expand its presence in Singapore. The property transaction was brokered by Savills Singapore.

There are only 15 office floors in Solitaire on Cecil, six of which have already been sold. Galven Tan, Deputy Managing Director of Savills Investment Sales & Capital Markets, reports that the majority of buyers are high-net-worth individuals, local and foreign family offices, and even Chinese groups showing interest in the project.

In addition to the office floors, two café/restaurant units on the first floor of the property have also been sold. One recorded a transaction of over $5,400 psf, while the other sold for nearly $6,000 psf.

The sale of level 20 at $4,325 psf is said to have established a new benchmark for psf prices for commercial office transactions in Singapore’s CBD. With this sale and others, Solitaire on Cecil demonstrates the potential for investors and family offices to capitalise on timing-driven, value-add real estate plays in Singapore.