SINGAPORE - A standalone building at 139 Cecil Street is up for sale again via an expression of interest exercise after an extensive revamp, said real estate firms CBRE and JLL in a statement on Tuesday (March 12).
An 18-month additions and alterations exercise by the building's owner has increased the number of floors from 11 to 16, with a restaurant on the ground floor and a pool on the roof terrace.
The building is fully leased for an initial six years to Campfire Collaborative Spaces, a Hong Kong-based co-working space. With a net lettable area of about 85,000 square feet, the space is also Campfire's largest site globally, said the joint marketing agents.
The property, formerly known as Cecil House, was unsuccessfully put up for sale in April 2017 with an indicative price of $210 million. It is owned by Ececil, a joint venture between Vibrant Group and DB2 Group, with Vibrant holding 51 per cent of the company, according to an earlier Business Times report.
The expression of interest exercise closes on April 17.
Galven Tan, CBRE's executive director, capital markets for Singapore, said that given its prime location and strong attributes, "keen investor interest" in 139 Cecil Street is expected. He added that the availability of naming and signage rights also adds to the appeal of this property.
Clemence Lee, JLL's Singapore senior director, capital markets, said that the property 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 cash flow with built-in rental escalations," Mr Lee added.