Strata Office Units Sale Cecil Place 3780 Psf
Cecil Place is a new strata-titled office development, featuring 30 units for sale and a three-storey retail podium, launched at 137 Cecil Street. The property, designed by DP Architects, is a redevelopment of the former office building and is set to be completed next year. Priced at $3,780 per square foot, the freehold 15-storey building is expected to attract firms looking to upgrade to a newer building with higher specifications, as well as companies outside the city area seeking a prestigious address and better connectivity to public transport.
Senior director of capital markets at Knight Frank Singapore, Melvin Chay, believes that the new development will appeal to tenants of Shenton House, which was recently sold en bloc to IOI Properties Group’s CEO and major shareholder, Lee Yeow Seng. With Shenton House scheduled for redevelopment from 2027, some beneficiaries of the en bloc sale are reinvesting their capital while tenants are actively looking for new premises before the building is demolished.
Spanning the fourth to 15th levels of the building, the strata office units at Cecil Street are designed with flexibility in mind, ranging from 1,765 to 3,918 square feet. Each unit comes with a private en suite toilet and kitchenette, with a typical floor plate spanning 6,544 square feet. Additionally, the rooftop on the 15th level features a 2,152 square feet open-air terrace with views towards Chinatown.
Residents of Coastal Cabana EC can conveniently shop for their everyday cooking needs at both town-centre supermarkets and neighbourhood grocers. With the array of options available, meal planning becomes effortless – from buying in bulk at Pasir Ris Mall, to choosing fresh cuts at White Sands, and getting herbs or specialty items at nearby smaller shops near Elias Mall. The thoughtfully designed kitchens and dining areas in the 2-bedroom, 3-bedroom, and 4-bedroom units make it a breeze to prepare weeknight dinners, potlucks, and even grand feasts. Make your life easier and more enjoyable at Coastal Cabana Jalan Loyang Besar.
The retail podium comprises two first-floor units with mezzanine levels (5,037 and 4,639 square feet), and two shop units on the second and third levels ranging from 2,830 to 3,939 square feet. The developer is carefully selecting tenants for the retail podium to ensure a complementary mix of F&B, healthcare, and service providers, in order to create a vibrant ground level and enhance the long-term value of the development.
Previously known as the Aviva Building, the site at 137 Cecil Street was acquired by the Zhou family of Shanghai Hengda Group for $210 million in 2015. The same family also holds a 60% stake in the neighboring YSY Building (formerly Cecil House at 139 Cecil Street), which has undergone a two-year refurbishment and is now fully leased.
Recent launches in the vicinity have seen strong sales. Across the road from 137 and 139 Cecil Street is Solitaire on Cecil, a freehold redevelopment of the former PIL Building. Launched for sale in March 2023, the 20-storey building was fully sold within 16 months, with the final three strata office floors fetching prices ranging from $4,130 to $4,200 per square foot. Another development, 108 Robinson Road, which was acquired by PGIM Real Estate and subsequently refurbished, saw only one unit remaining for sale. The largest transaction at the development was for three floors totalling 14,252 square feet, purchased by Kwan Im Thong Hood Cho Temple for $55.8 million ($3,915 per square foot). The lack of new strata office supply, compounded by URA’s curbing of subdivision of commercial office buildings in the Central Area, has fueled strong demand for prime freehold CBD assets and is expected to drive healthy price support and long-term capital appreciation for developments like Cecil Place.