Solitaire Cecil’s Ninth floor sold to China Buyer for S$51.48 Million
Long Twinkle Trading – a company founded in November 20,22 – recently entered a contract for the sale and purchase of the ninth floor, Solitaire, on Cecil.
Prior to this, the project’s strata office and retailer was said to be fully sold. Last year, however, the developer re-listed three of the nine office floors.
There is a rumor that the parties that originated from Fujian and initiated the process for the purchase of three floors, levels 8, 9, and 13, are linked to the Singapore investigation into a S$3 billion case of money laundering.
Solitaire on Cecil has been developed on the former PIL Building property by a joint-venture between TE Capital Partners & LaSalle Investment Management. Strata-sales began at the beginning of last year. In mid-June, both restaurant units and all 15 floor offices in the 20 story development were sold.
The developer has put the third floor of the project on the market late last year. The Solitaire on Cecil’s 9th floor, which has a strata surface of 12,465 ft2, was sold at S$51.48mil. This is S$4,130 sq ft or S$51.48 per square foot.
The buyer, Singapore-incorporated Long Twinkle Trading, is involved with the wholesale of metals and metal ores. Shanghai Langning Trading Co. is the only owner and is located at the China Pilot Free Trade Zone in Shanghai.
Bloomberg reported that Shanghai Langning Trade Co was a metal manufacturing and selling company. The company produced and sold copper, aluminium, zinc as well as other related products.
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All but level 6, which sold for S$3,865 per square feet, the 14 other office floors in this development were priced above S$4,000. The penthouse office on level 20 had the highest price at S$4,325psf.
The majority of office floors in the project’s 127-metre height are either 12,465 ft2 or 13,132 ft2.
The Business Times reports that the level 8, with a strata area of 12,465 ft2, is undergoing due diligence by potential buyers. The strata space of Level 13 is 13,132 ft2.
Solitaire on Cecil’s total floor area will be 190,000.00 sq ft. Two strata restaurant units are also included. This development will have two frontages – Cecil Street and Stanley Street.
