SINGAPORE, 2 April 2018 – Two rarely available freehold office floors at The Octagon located at 105 Cecil Street (the “Properties”) have been put up for sale by Cushman & Wakefield, the appointed exclusive marketing agent for the Properties, via an Expression of Interest exercise, closing on 4 May 2018 (Friday) at 3.00pm.
The Octagon is a 25-storey office building sitting on a prime freehold plot in the heart of the Central Business District. Strategically located at the junction of Boon Tat Street and Cecil Street within the Raffles Place office micro market, the site is within walking distance to the Raffles Place and Telok Ayer MRT stations.
Located on the 9th and 10th floor, the Properties have a total strata area of approx. 12,378 sq ft. Each floor has a plate size of approximately 6,189 sq ft, ideal for mid-range space requirements. Purchasers have the option to buy either individual or both floors. The Octagon has two levels of basement car parks for season parking.
Mr. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, says “We expect strong interest for this property from a wide range of buyers including foreign investors, high net worth private investors and corporate occupiers due to its prime location in the CBD, the freehold tenure and limited strata office floors of this size for sale on the market. In addition, the option to acquire one or both floors will provide flexibility to prospective purchasers in terms of space requirements and affordability.”
Mr. Poh continues, “Given the scarcity of freehold commercial land in the CBD and the hunger from the developers to replenish their land bank, prospective purchasers could also potentially look at future capital gain should the owners at The Octagon decide to embark on a collective sale.”
The indicative price is $2,450 per sq ft or about $30.3 million for the two office floors. Recent transactions of strata office at Prudential Tower and GSH Plaza on the same street, were contracted at above $2,600 and $2,900 per sq ft respectively. Both developments are of 99 years leasehold tenure. Given these comparables the subject Properties present good value for long term investors.
For further information, please contact:
Executive Director, Capital Markets
+65 6232 0882 / +65 9662 6430
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.