IOB Building on Cecil Street for sale from $1,800 psf ppr
By Timothy Tay/ EdgeProp Singapore|February 17, 2020 5:24 PM SGT
SINGAPORE (EDGEPROP) – The IOB Building at 64 Cecil Street is on the market from $1,800 psf per plot ratio (ppr), announced marketing agent Knight Frank Singapore. Located at the junction of Cecil Street and Cross Street, IOB Building is a six-storey office development with two basement carpark floors. The property sits on a 9,599 sq ft plot that is zoned ‘Commercial’ with a gross plot ratio of 12.6, under the 2019 Master Plan. The land has a 99-year tenure that started in 1983. According to Knight Frank, a new 15-storey office development with a total gross floor area of about 120,947 sq ft can be redeveloped on the site. An outline application for change of use to ‘Residential with Commercial at the 1st storey” and “Hotel” has already been submitted to URA.
IOB Building sits on a 9,599 sq ft plot that is zoned ‘Commercial’ with a gross plot ratio of 12.6 (Picture: Knight Frank Singapore)
Including a differential premium for intensification of the site and an extension of the lease to 99 years, the owner is expecting offers from $1,800 psf per plot ratio. This is considering Realty Centre along nearby Enggor Street which was sold for $148 million, or $2,438 psf ppr, in April last year.“We believe that IOB Building presents a truly unique and rare redevelopment opportunity within the CBD given the exceptional, tightly held commercial market in Singapore,” says Ian Loh, head of investment and capital markets (land, building, collective sales) at Knight Frank Singapore. He adds that office supply is expected to remain low for the next five years as no office sites are under the government’s land sales programme, barring one white site at Marine View under the Reserve List. The tender for IOB Building closes on March 24.
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