SINGAPORE, 1 October 2018 – Three rarely available freehold office floors at The Octagon located at 105 Cecil Street (the “Properties”) have been put up for bulk sale by Cushman & Wakefield, the appointed exclusive marketing agent for the Properties, via a Tender exercise, closing on 1 November 2018 (Thursday) 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 14th, 15th and 17th floor, the Properties have a total strata area of approx. 18,567 sq ft. Each floor has a plate size of approximately 6,189 sq ft, ideal for mid-range space requirements. The Octagon has two levels of basement car parks for season parking.
Mr. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, says “The strata titled office market has certainly made a comeback with several strata titled office buildings such as Samsung Hub, Springleaf Tower and The Octagon, breaking their historical record prices in the recent transactions. In terms of rental outlook, Singapore office rents have been edging up for six consecutive quarters and are likely to continue its growth on the back of strong occupier demand and limited new supply over the next two years.”
Mr. Poh continues, “With the residential collective sale sites constrained by the latest cooling measures, the developers are likely to divert their attention to commercial and hotel sites. We expect strong interest for the Properties 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 number of strata office floors of this size for sale on the market.”
The indicative price is $2,450 per sq ft or about $45.5 million for all three office floors, in line with the latest transaction within The Octagon which two lower floors were sold at the same per square foot rate a few months ago. Recent transactions of nearby freehold/999-year strata office at Samsung Hub and Crown @ Robinson were contracted at above $3,500 and $3,100 per sq ft respectively. 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
Associate Director, Communications
+65 6317 8349/ 96916449
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of US$6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.