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The tender for the three floors closes on 3 July.
A ground floor retail space and two office floors at The Octagon have been put up for bulk sale by tender, revealed marketing agent Cushman & Wakefield.
The properties have a total indicative price of $43 million which works out to $2,450 per sq ft (psf) for the office floors and $3,500 psf for the ground floor retail space.
Found on the first, second and fourth floors, the properties have a total strata area of around 15,995 sq ft with the office floors each having 6,189 sq ft and the ground floor retail unit spanning 3,617 sq ft.
The ground floor unit is currently leased to a fitness centre while the office floors are leased to two childcare centres.
Nestled on a freehold site at 105 Cecil Street, The Octagon is a 25-storey office building with two levels of basement carpark. It is strategically situated at the junction of Cecil Street and Boon Tat Street and is within walking distance to the Telok Ayer and Raffles Place MRT stations.
“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,” said Cushman & Wakefield executive director of capital markets Shaun Poh.
“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 tender for the three floors closes on 3 July.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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