4 floors at 20 Cecil St on the market at S$75.9m

Citi Commercial Pte Ltd

A PORTFOLIO of office units spanning across 4 levels in 20 Cecil Street has been put up for sale with a guide price of S$75.9 million.

The guide price for the total of 22 strata units across the 4 levels translates to approximately S$3,100 per square foot (psf), based on the strata area, marketing agent CBRE said on Wednesday (May 11).

20 Cecil Street, also known as PLUS, is a 28-storey Grade A office building along Cecil Street and Church Street, with direct sheltered access from Raffles Place MRT station.

Recent strata transactions in the immediate area have all topped S$3,000 psf. In April, a 1,270 sq ft unit on the 8th floor of the same building, 20 Cecil Street, was sold for S$3.89 million or S$3,060 psf, while two units on the 6th floor totalling 2,626 sq ft went for S$7.98 million or S$3,040 psf. In January, a 3,552 sq ft unit on the 23rd floor at Prudential Tower on 30 Cecil Street transacted at S$11.58 million or S$3,260 psf.

In the same Raffles Place district, an office unit on level 12 in Samsung Hub on Church Street changed hands at S$4,155 psf in January.

The 20 Cecil Street space is zoned for “Commercial” use, with both locals and foreigners eligible to purchase the property, and no Additional Buyers’ Stamp Duty (ABSD) or Sellers’ Stamp Duty imposed on the transaction.

In March, the Urban Redvelopment Authority barred strata subdivision for commercial properties in Singapore’s central area.

“Considering that the government has restricted strata subdivision of commercial properties in the central areas, this means that prime strata office will be limited in supply and increasingly hard to come by,” said associate director of Capital Markets, Singapore at CBRE Joshua Giam.

According to CBRE, the completion of Capitaspring has brought more tenants into the vicinity. Furthermore, with work from home no longer being the default mode of work in Singapore, CBRE believes that office occupancy rate in Raffles Place is expected to remain strong with a potential for rental upside as leasing demand continues to stay strong.

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