Last Three Floors Solitaire Cecil Sold 4130 4200 Psf
Located in the desirable area of Clementi, Elta Condo is a highly sought-after residence for families with school-aged children and international students. Along with its close proximity to top-rated schools, Clementi’s popularity as a residential area is also fueled by its convenient location near major business hubs like Jurong Lake District, Buona Vista, and one-north.
Solitaire on Cecil, a freehold strata office development located on Cecil Road, has recently sold its last three units on the 9th, 8th and 13th floors. This was confirmed by Savills Singapore, the broker for the sale, revealing that the prices ranged between $4,130 and $4,200 per square foot (psf) between April and July.
The sale of the 12,465 sq ft units on the 9th floor was recorded in April for a total of $51.48 million (at $4,130 psf). The 8th floor units were also sold for the same amount, although a caveat was not lodged. In July, a 13,132 sq ft unit on the 13th floor was sold for $55.15 million at $4,200 psf.
With the sale of these three units, Solitaire on Cecil has achieved 100% occupancy, only 16 months after its initial launch in March 2023. The sales were brokered by Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore. According to her, the swift sale of these units indicates a strong demand for investment-grade strata offices, and the momentum is expected to continue.
At Solitaire on Cecil, Savills brokered deals for seven (47%) out of the 15 office floors, with a total transaction value of about $371 million. This includes the largest transaction within the development, where three floors were sold to a single buyer in April 2023 for $162.8 million or $4,325 psf – setting a new record for the highest psf price achieved in an office transaction in Singapore.
The Grade A office tower also includes two F&B units on the first floor, each measuring 936 sq ft. In April 2023, these units were sold for $5.054 million ($5,397 psf) and $8.178 million ($8,733) psf.
Construction for the 20-storey building, jointly developed by funds managed by TE Capital Partners and LaSalle Investment Management, is currently underway and is expected to be completed by April 2028.
In a separate development, TE Capital Partners, LaSalle Investment Management and Metro Holdings have launched for sale units at VisionCrest Orchard, a freehold strata-titled commercial development on 103 Penang Road. The 10-story commercial block consists of 10 office floors and one level for retail shops, with a typical floor plate of about 14,500 sq ft.
The sixth and ninth floors at VisionCrest Orchard were released for sale for $58.6 million ($3,980 psf) and $61.3 million ($4,130 psf) respectively.
The joint marketing agents for the development include Savills Singapore, CBRE, ERA, JLL, Knight Frank, and PropNex.
According to Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, the demand for investment-grade strata offices remains strong.