Tag Archives: cecil street

Frasers Tower received strong interest ahead of its completion

About 30 per cent of upcoming Frasers Tower, in the heart of the Central Business District, has been leased – or has received a leasing proposal. The relatively strong interest comes even though the 38-storey office building in Cecil Street is not due to be ready for tenants for more than a year.

The interest came from multi-sector conglomerates, legal services and technology firms, including the first signed lease with The Executive Centre, a serviced office provider, which will take up an entire floor covering 20,000 sq ft.

The supply pipeline favours Frasers Tower, as there are just a few new developments in the core CBD from mid-2017 until the end of 2020: Marina One, UIC Building and the redevelopment of the CPF Building. Frasers Tower has 663,000 sq ft in total net lettable area. An adjacent three-storey building will host food and beverage tenants.

 

Office space in CBD area for lease

There is a number of offices available in the building for lease. Sizes from 463 sqft to 926sqft. One of the cheapest for rent in the vicinity. Prices from $3K to $7.6K

If interested call David @ 94772121 for more details.

http://www.sgbayhomes.com/18928433

Tong Eng Building is a commercial property located at 101 Cecil Street, in District 01, primarily used for Office use. Tong Eng Building is situated close to MRT stations including Telok Ayer MRT Station and Downtown MRT Station. It is near several bus stops located in the CBD zone.

Amenities near Tong Eng Building

Tong Eng Building is near to Cold Storage China Square, The Arcade and Golden Shoe Car Park for an array of amenities such as grocery and retail shopping, banks and more.

Tong Eng Building is also close to several eateries such as, Lau Pa Sat, 7 Raffles Place and Kopitiam (Clifford Centre).

 

158 Cecil Street sold for S$240M

A COMPANY linked to low-profile investor Denis Jen, who owns shopping malls in Australia, is buying 158 Cecil Street for S$240 million from a fund managed by Alpha Investment Partners, the fund management arm of Keppel Land.

The price works out to about S$2,100 per square foot based on the 14-storey building’s net lettable area of around 115,000 sq ft. 158 Cecil Street is on a site with a balance lease term of around 65 years.

Formerly known as The Spazio and Dapenso Building, the property underwent a major revamp several years ago.

Alpha acquired the property for S$235.5 million in 2007 from KOP Properties, which agreed to complete a major refurbishment before delivering the property in 2009 to Alpha, which positioned the asset as a green building.

158 Cecil Street has bagged a number of accolades, including the top prize at the 2011 Skyrise Greenery Awards, organised by the Singapore Institute of Architects and the National Parks Board.

Late last month, a company controlled by Mr Jen was granted an option to buy the property at S$240 million. According to information listed by Forbes in the past, Mr Jen is a China-born orphan who studied law in Shanghai. He made his first fortune in textiles in Taiwan and Hong Kong and relocated to Singapore, then Australia, where he bought and sold businesses and built a small real estate empire of five shopping malls.

His businesses include Jen Retail Properties, the website for which states that it is a privately owned family company established as Intro International Limited in 1991 in Brisbane. Mr Jen is a Singapore citizen.

Prior to the option to purchase 158 Cecil Street was granted to a Singapore-incorporated vehicle of Mr Jen, several other parties seriously looked at potentially acquiring the asset.

Tenants of 158 Cecil Street include Facebook, which will soon move out to South Beach Tower but which market watchers suggest may retain some space at its existing premises, Bank of India and Zurich Insurance. Airbnb signed up as a tenant recently.

Another recent office sale transaction is the S$31.63 million sale of 10 strata office units on the 26th level of GSH Plaza in Raffles Place. This works out to S$3,055 psf based on the strata area of 10,355 sq ft. GSH Plaza is on a site with a balance lease term of 73 years. The buyer is a Singapore-incorporated company whose sole shareholder is a Chinese citizen based in Hong Kong.

Earlier in June, a company controlled by a Singapore permanent resident paid S$4.75 million or S$3,503 psf for a 1,356 sq ft unit on GSH Plaza’s 17th level.

In both transactions, the seller was Plaza Ventures Pte Ltd, a consortium led by GSH Corporation that last year paid S$550 million for the 28-storey building, which was known as Equity Plaza at the time. The consortium is undertaking an extensive refurbishment exercise estimated to cost S$118 million or S$400 psf based on the 295,000 sq ft gross saleable area.

Besides GSH, which controls 51 per cent of the consortium, Plaza Ventures’ other shareholders are TYJ Group, a private investment vehicle of GSH chairman Sam Goi (with a 14 per cent stake) and Vibrant DB2 (35 per cent stake). Vibrant DB2 is a 51:49 partnership between listed Vibrant Group and niche property developer DB2.

http://business.asiaone.com/news/158-cecil-street-being-sold-s240m#sthash.p7ayKUQD.dpuf