3 office floors of The Octagon up for bulk sale with S$45.5m indicative price

3 office floors of The Octagon up for bulk sale with S$45.5m indicative price

Three freehold office floors of The Octagon at 105 Cecil Street have been put up for bulk sale via tender, said marketing agent Cushman & Wakefield on Monday.

The tender exercise for the 14th, 15th and 17th floors of the 25-storey office building will close on Nov 1, 2018.

Total strata area of the three floors is about 18,567 square feet, and each floor has a plate size of about 6,189 sq ft.

The Octagon is located at the junction of Boon Tat Street and Cecil Street, within walking distance of the Raffles Place and Telok Ayer MRT stations, and has two levels of basement car parks for season parking.

The indicative price is S$2,450 per sq ft (psf) or about S$45.5 million for all three floors. Two lower floors of The Octagon were sold at the same rate in May, while recent transactions of nearby freehold or 999-year strata office space at Samsung Hub and Crown @ Robinson sold above S$3,500 and S$3,100 psf respectively.

“The strata titled office market has certainly made a comeback with several strata titled office buildings such as Samsung Hub, Springleaf Tower and The Octagon breaking their historical record prices in the recent transactions,” said Shaun Poh, executive director of capital markets at Cushman & Wakefield.

“In terms of rental outlook, Singapore office rents have been edging up for six consecutive quarters and are likely to continue their growth on the back of strong occupier demand and limited new supply over the next two years.”

Strong interest is expected for the properties given that the latest cooling measures have constrained residential collective sales.

Mr Poh added that buyers may also find the properties attractive because of the building’s prime location in the heart of the Central Business District, the freehold tenure and the limited number of strata office floors of this size available on the market.

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