THE 17th, 18th and 20th floors of 20-storey freehold office project Solitaire on Cecil have been sold for S$162.8 million, translating to S$4,300 per square foot (psf) on a blended basis across the total strata area of 37,857 square feet (sq ft). 

The transaction, brokered by Savills Singapore, marks a new record psf price for strata office space in the Central Business District (CBD).

It surpasses the previous record of S$4,196 psf for the 12th floor of the same office project, which was sold for S$52.3 million in March.

The sale is also one of the largest strata office transactions by quantum since January 2022. 

The buyer is “a local company which is expanding its operations in Singapore”, said Galven Tan, deputy managing director of investment sales and capital markets at Savills Singapore. 

When completed in late 2026, the 20-storey project will predominantly include office space ranging from 11,000 sq ft to 13,000 sq ft on 15 floors. Rents are expected to be S$12 psf. 

The Solitaire on Cecil is being developed on the PIL Building site along Cecil Street. The site was sold in early 2022 to a joint venture between TE Capital Partners and LaSalle Investment Management.  

The deal comes amid a slowdown in leasing activity and rent growth in Singapore’s prime office sector.

In a January report, CBRE observed a moderation in the pace of rental increases for prime buildings in the Downtown Core and Orchard planning areas in the last quarter of 2022.

JLL Singapore also noted an end to five consecutive quarters of rental growth hikes in the monthly gross effective average rental value for its Grade A CBD office basket.