IOB Building in Cecil Street up for sale with $217.7m guide price

SINGAPORE - IOB Building, a six-storey office block with two levels of basement car park at 64 Cecil Street, has been put up for sale via tender at an overall guide price of $217.7 million, said exclusive marketing agent Knight Frank on Monday .

The site is zoned"commercial" according to the Urban Redevelopment Authority's 2019 Master Plan, with an allowable gross plot ratio of 12.6. An outline application for a change of use to"residential with commercial at the first storey" and"hotel" has been submitted to the URA, with a reply to be"expected soon", it added.

Ian Loh, Knight Frank Singapore's head of investment and capital markets , said IOB Building presents a unique and rare redevelopment opportunity within the CBD given the exceptional, tightly held commercial market in Singapore.

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