The Octagon Singapore located along 105 Cecil Street has put up three floors of freehold office for sale.
Cushman & Wakefield the marketing agents for the sale informed about the tender on Monday (Oct 01).
As per the announcement the tender includes sale of the 14th, the 15th and 17th floor in the 25-storey office tower. The tender for this sale would end on 1st November 2018 at 3:00 PM.
The Octagon is ideally located for an office space in the Cecil Street-Boon Tat Street junctions and a short walk from the Telok Ayer and the Raffles Place MRT Stations. There are two levels of season parking at the basement in the office tower.
As per the tender 18,567 sq. ft. strata area has been put up for sale and each of the three floors have approximately 6,189 sq ft plate size.
The indicative price for the three floors is S$45.5 million which translates into S$2,450 psf.
It must be mentioned that in the month of May two lower floors at this same building successfully earned the same rate.
Other properties located nearby which are either of 999-year leasehold or freehold that include Crown @ Robinson and Samsung Hub earned more than S$3,100 psf and S$3,500 psf respectively in recent sales.
Cushman & Wakefield’s Executive Director of Capital Markets, Shaun Poh said that office market that is strata titled has shown impressive price trends in the last few months.
He cited the examples of Springleaf Tower, The Octagon and Samsung Hub which have set new records in terms of their prices in the recent months.
Mr Poh added that then outlook for rental incomes for office space in Singapore looks positive as there has been increased demand and there would be short supply of new office space at least for two years.
The increase in rentals for the last six quarters at a stretch testifies this trend.
Cushman & Wakefield feel that there would be great interest in this office space given that Singapore’s residential en bloc sale market has turned jittery owing to the recently announced new cooling measures.
According to Mr Poh the property being part of the Central Business District would serve as an added attraction point apart from the fact that freehold strata office floors of such sizes don’t enter the market too often.