Savills Singapore is delighted to share that the Investment Sales & Capital Markets team has sold a total of seven out of the 15 office floors at Solitaire on Cecil.

The transactions, spearheaded by the Savills team, mark a series of achievements, setting new benchmarks in the industry:

• Total Transaction Volume: The combined sales of seven office floors totaled approximately S$371 million, underscoring the substantial value and attractiveness of the property to investors.

• Rapid Sales Pace: Remarkably, the last three floors of Solitaire on Cecil were sold at S$4,130 psf to S$4,200 psf (S$51.48 million to S$55.15 million per floor) within just three months, between April and June 2024. This swift turnover reflects strong market demand and effective brokerage by Savills Singapore.

• Largest Single Transaction: The team brokered the largest single transaction within the development, amounting to S$162.8 million. This transaction involved the sale of three floors to a single buyer, demonstrating confidence in the property's potential and the robustness of Singapore's commercial real estate market.

• Historic Price Achievement: At S$4,325 per square foot (psf), the sale price set a new record for the highest psf price ever achieved for office space in Singapore. This milestone underscores the premium value placed on prime strata office properties in the city-state.

Ms. Yap Hui Yee, Executive Director, Investment Sales & Capital Markets at Savills Singapore, comments, “Savills is pleased to have achieved these milestones in the sale of Solitaire on Cecil, especially in brokering the sale of the last three floors within a short period of time. This attests to the robust demand we are seeing for investment grade strata offices, and momentum is still going strong.”

The Investment Sales and Capital Markets team has also put up for sale the new freehold strata project at Visioncrest Orchard. An exclusive strata commercial development in the heart of the city, Visioncrest Orchard is set for asset enhancement and presents an extremely rare opportunity for purchasers to acquire a freehold, investment grade strata office floors in Orchard precinct.

The building features 10 floors of office space and 1 level of retail shops. The office has a typical floor plate circa 14,500 square feet. It is column-free and comes with a high floor-to-floor height of 4.3 metres.

The property boasts prestigious and multinational corporate tenants. Some of the reputable anchor tenants are Puma, Manulife. Situated next to the headquarters of UBS South East Asia, Visioncrest is also in close proximity to the Istana and is seamlessly connected to a dynamic array of leisure, lifestyle, retail, entertainment, and iconic historical landmarks along Orchard Road.

With significant recreational enhancements on the horizon to Istana Park, Visioncrest Orchard is in prime position to serve as the entry-point into a revitalised stretch of Orchard Road. Plans for pedestrianisation will foster more integrated and connected surroundings, which will link the property with the Istana, Orchard Road, and major roads such as Penang Road, which connects to Marina Bay and Bras Basah.

“We are excited to market Visioncrest Orchard and foresee strong demand for office spaces as well as spaces for other uses in this part of Orchard Road. It is rare to own a freehold office floor in the world-renowned Orchard Road district and with 150,000 sq ft of Grade A office space, as well as spaces for retail and F&B,” adds Ms. Yap.