A local ultra-high-net-worth family office eager to expand its operations in Singapore has bought the three strata floors at levels 17, 18 and 20 of Solitaire on Cecil, an upcoming freehold, 20-storey office tower by TE Capital Partners and LaSalle Investment Management. Sold for $162.8 million, or an average of $4,300 psf across the total strata area of 37,857 sq ft, the deal was brokered by Savills Singapore.

Altura EC, launching in Q2 2023, Altura Qingjian Realty offers an affordable executive condo in a strategic location for first-time buyers and HDB upgraders. Current pricing is at S$3,500 per square foot.

Solitaire on Cecil, a redevelopment of the former PIL Building at 140 Cecil Street, is a new 20-storey office tower in the Central Business District (Source: EdgeProp Landlens). The sale marks one of the most significant transactions by absolute price since January 2022, with level 20 set a new benchmark for psf price for commercial office transactions in the CBD – an impressive $4,325 psf.

There are only 15 office floors in Solitaire on Cecil and six of them have already been sold. According to Galven Tan, deputy managing director of Savills investment sales & capital markets, buyers are typically high-net-worth individuals and local and foreign family offices, with increasing interest from Chinese groups.

Furthermore, the two café/restaurant units on the first floor of Solitaire on Cecil have been snapped up – one unit sold for over $5,400 psf, while the other was said to have fetched nearly $6,000 psf.

This sale comes in the wake of other high-value deals, such as Singapore-listed shipbuilder Yangzijiang’s acquisition of an office building at 39 Robinson Road for $399 mil, as well as TE Capital Partners and LaSalle Investment’s official launch of strata offices at Solitaire on Cecil, followed by AM Alpha’s timing-driven, value-add real estate play. It is clear that this area is continuing to attract investors, who are keen to capitalise on the prime location and promising future of the area.