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COMMERCIAL PROPERTY | Staff Reporter, Singapore

Three floors at Cecil Street office up for bulk sale

The Octagon has an indicative price of $45.5m.

Three freehold office floors at the 25-storey building The Octagon at 105 Cecil Street have been put up for sale via tender.

The tender exercise for the building’s 14th, 15th and 17th floors will close on 1 November 2018 at 3 PM, according to its marketing agent Cushman & Wakefield. Total strata area of the three floors is about 18,567 square feet, and each floor has a plate size of about 6,189 sq ft.

Located at the junction of Boon Tat Street and Cecil Street and within walking distance of the Raffles Place office micro market, the site is within walking distance to the Raffles Place and Telok Ayer MRT stations. The Octagon also has two levels of basement car parks for season parking.

The indicative price is $2,450 per sq ft (psf) or about $45.5m for all of the three floors.

"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," Shaun Poh, executive director of capital markets at Cushman & Wakefield said in a statement. 

The government’s cooling measures is expected to fuel strong interest for strata properties as investors shun the residential collective sales market for the strata title office segment, added Cushman & Wakefield. 

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