Real estate firms JLL and CBRE announce the sale of a 139 Cecil Street office building following its 18th-month substantial revamp.
It has been said that the owner of the building made some additions and alterations to the commercial property.
The renovation adds 6 floors to its existing structure. A pool was constructed at its roof terrace. There is a new restaurant built on its ground floor.
It actually took 18 months to complete the revamp of the property, which makes it more viable for prospective investors.
Co-working space Campfire Collaborative Spaces initially leased the building for six years. It is considered as the largest site or space for the business of Campfire with its 85,000 square feet net lettable area.
Formerly notable in the street as Cecil House, the commercial property’s S$210 million worth of sale in April 2017 turned out unsuccessful.
According to the reports, its owner Ececil is a joint venture between DB2 Group and Vibrant Group. It reveals that 51 percent of the company belongs to Vibrant.
Its interest exercise expression is set to be closed on the 17th of April. So, investors are encouraged to bid or show interest for the property before the specified date.
CBRE executive director Galven Tan notes the expected interest of investors for the commercial property considering its strong attributes and its prime location in the street.
JLL senior director for capital markets in Singapore Clemence Lee says the building allows investors to purchase high-quality and standalone office space.
Lee believes that the property offers an agreeable and viable investment economic opportunity in Singapore.
Mr. Lee adds that investors will have the best opportunity to enjoy long-term, stable and immediate revenue from the property through rental escalations.
He attributes all these to the property’s lease by its strong anchor tenant.