Oon & Bazul’s Banking & Finance Practice, led by Head of the firm’s Banking & Finance Practice, Ting Chi Yen, is acting for Indian Overseas Bank (IOB) in the sale by tender of its Cecil Street building in Singapore at an overall guide price of S$217.7 million.
The redevelopment property in the central business district (CBD) has a tenure of 99 years from May 1983 and a site area of 891.8 square metres or about 9,599 square feet. The site is zoned “commercial” according to the Urban Redevelopment Authority’s 2019 Master Plan. This means a 15-storey office building with a total gross floor area of around 120,947 square feet can be developed on the site, subject to approval from the relevant authorities, according to Knight Frank, the exclusive marketing agent of this project. The IOB building is a unique and rare redevelopment opportunity within the CBD given the exceptional, tightly held commercial market in Singapore.
An article on this transaction has been published in The Straits Times titled “IOB Building in Cecil Street up for sale with $217.7m guide price” dated 18 February 2020.