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Three freehold office floors of The Octagon at 105 Cecil Street have been put up for bulk sale, carrying an indicative price of $45.5 million, or around $2,450 psf for all three floors, revealed marketing agent Cushman & Wakefield.
Found on the 14th, 15th and 17th floor of the 25-storey office building, the properties have a total strata area of about 18,567 sq ft, with each floor having a plate size of about 6,189 sq ft.
The Octagon is located at the junction of Cecil Street and Boon Tat Street and is within walking distance to the Raffles Place and Telok Ayer MRT stations. The freehold office building comes with two levels of basement car parks for season parking.
A few months ago, two lower floors at The Octagon were sold at the same psf rate as the three office floors. Meanwhile, recent transactions of nearby freehold/999-year strata offices at Samsung Hub and Crown @ Robinson were sold at above $3,500 psf and $3,100 psf respectively.
“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,” said Cushman & Wakefield capital markets director Shaun Poh.
“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.”
With the residential en bloc sites constrained by the new property curbs, Poh expects the properties to receive robust interest from a range of buyers including corporate occupiers, high net worth private investors and foreign investors.
The tender exercise for the properties closes on 1 November.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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