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PIL Building put on the market with S$350m guide price; EOI draws strong interest

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PIL Building in Cecil Street - ultimately fully owned by the same entity that controls struggling Pacific International Lines (PIL) - has been quietly put on the market through an expression of interest (EOI) exercise that closed last Friday. Read more at The Business Times.

Located at 140 Cecil Street, the building was completed nearly four decades ago and substantially revamped in 2011.

Back-of-the-envelope calculations by some property consultants suggest that a development charge/differential premium of about S$80 million would be payable to the state for the rights to tap the 71,000 sq ft unutilised GFA; this does not include the lease extension premium that would be payable if the authorities agree to top up the leases for the two smaller plots to 99 years.

Assuming the property is sold, the PIL group of companies, which occupies some space in the Cecil Street building, is expected to lease back the space in the short term.

 

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