A prime opportunity to enter Singapore’s commercial market amid tight supply
SINGAPORE – CBRE and JLL are pleased to present for sale a 100% interest in a brand new standalone building at 139 Cecil Street via an Expression of Interest (EOI) exercise.
Located in the heart of Singapore’s Central Business District (CBD), 139 Cecil Street is a 16- storey office building with a restaurant on the ground floor and a pool at the roof terrace.
This is the result of an extensive 18-month Additions and Alterations exercise by the current owner to completely transform the former 11-storey building.
The building is 100% leased for an initial six years to Campfire Collaborative Spaces, a Hong Kong co-working outfit. With a net lettable area of approximately 85,000 sq ft, the property will be Campfire’s largest site globally.
Following the government’s plan to rejuvenate the area into a business and lifestyle hub, the Shenton Way/Tanjong Pagar precinct has undergone a major transformation with the addition of Tanjong Pagar Centre, Frasers Tower and OUE Downtown, as well as the ongoing redevelopment of CPF Building and Afro Asia building.
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139 Cecil Street is within a 500-metre radius to four MRT stations, namely Raffles Place, Telok Ayer, Downtown and Shenton Way on the Thomson-East Coast Line that will start operating in 2021.
Given the close proximity to transportation nodes and a variety of amenities, the precinct is becoming an increasingly popular location of choice for diversified businesses, including professional services, technology, and major domestic and global financial institutions.
Mr Galven Tan, CBRE’s Executive Director, Capital Markets for Singapore said, “Investors acknowledge the positive outlook for the Singapore office market in view of tightening vacancy and a tapering supply pipeline. Given its prime location and strong attributes, we expect keen investor interest in 139 Cecil Street. The availability of naming and signage rights add to the appeal of this property.”
Mr Clemence Lee, JLL’s Singapore Senior Director, Capital Markets said, “139 Cecil Street offers investors an opportunity to acquire a brand new, high-quality standalone office building with a palatable investment quantum in Singapore. With a six-year lease to a strong anchor tenant in place, investors will be able to enjoy immediate, long-term and stable cashflow with built-in rental escalations”.
This article is contributed by CBRE.