Three levels at Solitaire on Cecil sold for $162.8 mil, a new high of $4,325 psf

Solitaire on Cecil, an upcoming freehold 20-storey office tower, recently saw a significant deal. Located at 140 Cecil Street and developed by TE Capital Partners and LaSalle Investment Management, three levels of strata offices at 17, 18 and 20 were sold for $162.8 million. That works out to an average of $4,300 psf across the total 37,857 sq ft strata area of the tower.

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The buyer is described as a local ultra-high-net-worth family office looking to expand their operations in Singapore. Galven Tan, deputy managing director of Savills investment sales and capital markets, took point in brokering the sale.

The knock-on effect was a new benchmark for psf price for commercial office transactions in the CBD, with level 20 alone fetching $4,325 psf. With only 15 office floors in the tower, six of which have already been sold, Tan revealed a growing level of interest from buyers and requests for viewings, “Most buyers are high-net-worth individuals and local and foreign family offices,” with Chinese groups also emerging in the mix.

Adding to this sale, the two café/restaurant units on the first floor of Solitaire on Cecil have also been taken up—one unit was sold for over $5,400 psf, while the other fetching nearly $6,000 psf.

A significant transaction by absolute price since January 2022, this sale marks an important milestone for the real estate market—especially as individuals, family offices and groups of investors are looking to expand their operations in Singapore.