Purchasers have the option to buy either individual or both floors, which could be used for mid-range space requirements.
Cushman & Wakefield (C&W) launched the Expression of Interest exercise of the 9th and 10th freehold office floors of The Octagon located at 105 Cecil Street. The indicative price is $2,450 psf or about $30.3m for the two office floors.
According to an announcement, the properties have a total strata area of around 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,” C&W said.
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,” C&W added.
Cushman & Wakefield Capital Markets executive director Shaun Poh said, “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.”
Poh noted that 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.
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,” Poh said.
The exercise is closing on 4 May 2018 (Friday) at 3 p.m.
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