Three floors at The Octagon on the market for $45.5 mil
By Timothy Tay
/ EdgeProp |
Three strata office floors at The Octagon on Cecil Street are on the market for a bulk sale at $45.5 million ($2,450 psf), announced marketing agent Cushman & Wakefield (C&W). They are the 14th, 15th, and 17th floors, with a total strata area of 18,567 sq ft. Each floor has a plate size of about 6,189 sq ft.
Two lower floors at The Octagon were sold at the same psf price a few months ago, and recent transactions at the nearby Samsung Hub and Crown @ Robinson were above $3,500 psf and $3,100 psf respectively, says Shaun Poh, executive director of capital markets at C&W.
The Octagon is a 25-storey office building on a freehold site at the junction of Boon Tat Street and Cecil Street. It is close to the Raffles Place and Telok Ayer MRT stations. C&W’s Poh expects strong interest from foreign investors, high net-worth private investors, and corporate occupiers. They are likely to be attracted to the property because of its prime location in the CBD, its tenure, and the limited number of strata office floors available on the market, he says.
The tender closes on Nov 1.
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