TE Capital, Lasalle Investment Management JV Eye Forward Sale of New Office Project on Cecil Street

The TE Capital Partners and LaSalle Investment Management tie-up that owns the PIL Building along Cecil Street is considering a forward sale of the new 20-storey freehold office project to be built on the site.

The idea is to sell the entire asset rather than individual strata-titled units. The Urban Redevelopment Authority’s (URA) written permission for the proposed project granted in July indicates that the development may be strata subdivided.

When completed in 2026, Solitaire On Cecil will rise to 127 metres, up from the existing PIL Building’s height of 73 metres, and comprise predominantly office space, which will be on 15 levels ranging from 11,000 sq ft to 13,000 sq ft. All the office floors will have a floor-to-floor height of 4.9 metres (16 feet), higher than the typical 3-3.5 metres for newer office buildings in Singapore’s central business district. The price expectation is seen as S$4,000 psf on NLA of slightly over 190,000 sq ft, amounting to over S$760 million.

Solitaire Cecil Pte Ltd, the joint venture held by funds managed by TE Capital Partners and LaSalle Investment Management, completed its purchase of PIL Building for S$323.8 million earlier this year.

PIL Building was sold by Pacific International Lines, majority owned by Heliconia Capital Management, a wholly-owned subsidiary of Temasek Holdings. The sale was to help PIL focus on its core business of container shipping, logistics and container manufacturing.