158 Cecil Street Up for Sale at S$165m to S$170m

The 14-storey office building located at 158 Cecil Street is being quietly marketed with an estimated asking price of between S$165 million and S$170 million. This valuation is approximately 30% lower than the S$520 million price paid by its previous owner in 2015.

The site has a remaining lease of about 55 years, and current rentals at this location are around S$57 per square foot. The building is also currently at 80% occupancy with tenants including Bank of India, Endowus, and Airbnb, which plans to relocate to CapitaGreen later this year.

Market analysts believe the sale could boost prices for other office buildings in Singapore’s Central Business District, especially those with shorter leases.

The property also features the potential for redevelopment, and if plans are approved, there could be changes to its use, possibly converting it into a hotel. However, this would incur additional costs related to state and construction charges.

Additionally, prospective buyers should note that the building comprises a gross floor area of 128,922 square feet, with a maximum allowable gross floor area under the Urban Redevelopment Authority’s regulations. The site’s prior redevelopment plans included a significant renovation of the adjacent Bank Building.

This property represents an interesting opportunity in the ever-evolving CBD landscape.