A recent freehold office tower transaction has set a new benchmark for Singapore’s Central Business District (CBD). Solitaire on Cecil, a 20-storey office tower by TE Capital Partners and LaSalle Investment Management, has sold three strata floors at levels 17, 18 and 20 for $162.8 million, or an average of $4,300 psf across the total strata area of 37,857 sq ft. The buyer is an ultra-high-net-worth local family office hoping to expand its operations in Singapore.

Savills Singapore brokered the deal. Galven Tan, Deputy Managing Director of Savills Investment Sales & Capital Markets, said, “Most buyers are high-net-worth individuals and local and foreign family offices, and we have more interest and requests for viewings from Chinese groups, too.”

Previously, the PIL Building, Solitaire on Cecil’s predecessor, was redeveloped into the new office tower. Only 15 office floors exist in the building, 6 of which have already been sold.

The sale of Level 20 at $4,325 psf was signed off in early January 2022, and is now the highest psf price recorded for office transactions in the CBD. As for the two café/restaurant units on the first floor, one was sold for $5,400 psf, while the other was reported to have fetched nearly $6,000 psf.

RELATED NEWSPartners and LaSalle Investment officially launch strata offices at Solitaire on Cecil
alpha’s timing-driven, value-add real estate play
Shipbuilder Yangzijiang acquires office building at 39 Robinson Road for $399 mil

The local ultra-high-net-worth family office, who bought the strata floors at Solitaire on Cecil, is looking to broaden its Singapore operations through the prime real estate purchase. The sole purpose of the massive deal is to not only acquire the sought-after space, but to also break the record for the highest psf price in the CBD.

Savills’ Tan confirmed the interest and activity from numerous buyers and parties, mostly high-net-worth individuals and family offices. These included Chinese groups, with whom the local family office will no doubt enjoy much prosperity if their plans are successful.

Meanwhile, the two café/restaurant units on the ground floor have also seen success in their own right. One was sold for an impressive $5,400 psf and the other for an astonishing $6,000 psf.

JCUBE in the Jurong East region of Singapore is set to close to make way for a 40-storey residential and commercial development, with an estimated S$2,000 – S$2,100 psf price tag. Potential launches in the vicinity will help JCube Residence alleviate pent-up demand for housing.

Overall, this is a huge deal for both the local family office and Solitaire on Cecil. It marks one of the most significant office tower transactions since January 2022, and the area is now set to become a prominent node in Singapore’s CBD.