SINGAPORE, 27 May 2019 –Cushman & Wakefield, as the sole marketing agent, is pleased to offer the prime freehold ground floor retail space and two office floors at the Octagon located at 105 Cecil Street (the “Properties”) for bulk sale by tender. The tender exercise will close on 3 July 2018 (Wednesday) at 3.00pm.
The Octagon is a 25-storey prominent standalone office building with 2 levels of basement carpark sitting on a prime freehold plot in the heart of Singapore’s CBD. 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 1st, 2nd and 4th floor, the Properties have a total strata area of approx. 15,995 sq ft with the ground floor retail unit occupying 3,617 sq ft and the two upper office floors each has 6,189 sq ft. The ground floor unit is leased to a fitness centre while the two upper office floors are occupied by two separate childcare centres.
Mr. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, says “We continue to see strong interest for freehold strata retail and office floors within CBD like the Octagon. The recent CBD incentive scheme announced at the launch of the URA Draft Master Plan has also encouraged the owners of the older office buildings to relook their options for their properties.”
Mr. Poh continues, “Unlike the previous five strata floors that we have recently sold in the Octagon, the latest three floors are fully occupied and include the entire ground floor retail unit. Prime ground floor retail space in the core CBD are highly sought after and hardly available for sale.”
The total indicative price for the three floors is $43 million which works out to be $3,500 psf for the ground floor retail unit and $2,450 psf for the two office floors.
For further Information, please contact:
Executive Director, Capital Markets
+65 6232 0882
Associate Director, Communications, Singapore
+65 6317 8349
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 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.