3 freehold office floors at The Octagon up for sale

Three freehold office floors at The Octagon in Cecil Street have been put up for bulk sale via tender, it was announced yesterday.

The 25-storey Octagon is at the junction of Boon Tat and Cecil streets in the heart of the Central Business District and within walking distance of Raffles Place and Telok Ayer MRT stations. The building has two levels of basement carparks for season parking.

The three floors on sale - the 14th, 15th and 17th - have a total strata area of about 18,600 sq ft.

Marketing agent Cushman & Wakefield said the indicative price is $2,450 per sq ft (psf) or about $45.5 million for all three floors.

Two lower floors at the block were sold at the same rate in May, while recent transactions at two nearby blocks were markedly higher.

Space at the 999-year leasehold Samsung Hub went for around $3,500 psf while offices at the freehold commercial tower Crown@Robinson went for about $3,100 psf.

"The strata titled office market has certainly made a comeback, with several strata titled office buildings such as Samsung Hub, Springleaf Tower and The Octagon breaking their historical record prices in the recent transactions," said Mr Shaun Poh, executive director of capital markets at Cushman & Wakefield.

The agent expects strong interest for the properties.

The tender exercise for the three floors closes at 3pm on Nov 1 .

A version of this article appeared in the print edition of The Straits Times on October 02, 2018, with the headline '3 freehold office floors at The Octagon up for sale'. Print Edition | Subscribe