The sale of three strata office levels at 20 Cecil Street

Three floors of contiguous office space in the strata of Plus Building, an office tower located at 20 Cecil Street in the CBD is available for sale. Each floor has an area gross floor (GFA) that is 11,216 sq ft. This means that the total space takes approximately 33,648 sq feet.

Kassia showflat location is well-situated in a peaceful neighbourhood off Kassia, District 17 of Singapore.

Colliers along with PropNex International have been jointly selected to sell the property. According to a joint press release issued by both firms that the cost of each unit will be between $36 million to $37 million. The offices are floor-to-ceiling height of 2.8m and floor-to-ceiling windows with an 180-degree view across the urban area.

Plus Building is a Grade-A office building located situated in Raffles Place. The tower is 28 stories tall and is a 99-year leasehold that began on December 7 1989. It has two frontages, Cecil Street and Church Street and has direct access to sheltered areas to it to the Raffles Place Station of the MRT. It’s also just a two-minute walk from Telok Ayer MRT Station. Telok Ayer MRT Station.

Tang Wei Leng, managing director and director of capital markets and investment services in Singapore at Colliers The property an “rare chance” to buy strata office space within the CBD that is a highly held market. “Currently there is a limited inventory of top-quality office space in the central CBD because of a shortage of new stock and the withdrawal of existing inventory for redevelopment,” she explains. The supply has been further limited by the new the policy of the government to limit strata subdivisions of commercial assets located in central regions.

Ismail Gafoor, executive chairman and CEO of PropNex agrees, adding that full-floor plates with no vacant space in Grade-A offices located in the CBD are not easy to come by, especially in the highly sought-after Raffles Place area. “We have noticed a high demands from family office as well as tech companies that are shifting office spaces in Singapore and are looking for empty spaces for their personal usage and with Raffles Place being their top priority,” he observes.

Tang states that the an abundance of space will provide high rental return for the property and notes that the rents for premium and Grade-A office spaces in the core CBD have increased 5.9% y-o-y in 2022. “Investors ought to consider buying multiple floors to reap the benefits of capital appreciation over the long term or think about the possibility of an eventual group sale sometime in the near future and enjoy more substantial voting rights,” she says.