Type

Units

Min Area

Price Range

Studio

2099 sqft

S$6.4M

Other

786 sqft

S$2.2M – S$6.4M

Property Highlights

Commercial development with 5 units currently available.
Prices currently range from S$2.2M to S$6.4M.
For Singaporean second property buyers, ABSD applies at 20% of the purchase price, approximately S$432K on this acquisition.
Located 1 min (90 m) from NS26 Raffles Place MRT Station.

Price Trends & Rental Yield

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Plus: Premium Grade A Office at Raffles Place

Plus stands as a landmark 28-storey strata office tower commanding dual frontage on Cecil Street and Church Street in Singapore's most prestigious central business district. This rare institutional-grade office asset offers an exceptional ownership opportunity in a market where Grade A strata office space remains scarce and highly sought after by multinational corporations, financial institutions, and professional firms seeking long-term operational headquarters or investment-grade yields.

The development's uncompromising location delivers proximity to multiple MRT stations, including a direct sheltered pedestrian link to Raffles Place (NS26), positioned merely 90 metres from the building entrance. Telok Ayer and Downtown MRT stations are equally accessible, ensuring tenants and occupiers benefit from seamless public transport connectivity. This transportation advantage has historically underpinned strong capital appreciation and tenant retention across premium office assets in the Raffles Place precinct.

Architectural Design and Building Quality

The building showcases contemporary office efficiency with regular floor plates that maximise usable workspace, coupled with a generous 3.9-metre ceiling height that accommodates modern open-plan layouts, collaborative zones, and premium fitout specifications. Variable refrigerant volume (VRV) air-conditioning systems provide granular climate control across occupied spaces, whilst high-speed lift systems and dual zoning ensure efficient vertical circulation during peak occupancy periods. These technical specifications align with international Grade A standards and appeal to corporate tenants demanding operational excellence and employee comfort.

Flexible Unit Configurations

Plus caters to diverse occupier requirements through a tiered portfolio of office strata units and whole-floor options. Individual units range from 786 to 2,422 square feet, addressing boutique professional practices, emerging fintech enterprises, and satellite offices for larger multinationals. Whole-floor plates of approximately 10,800 square feet serve established corporations requiring unified, column-free workspace, whilst contiguous multi-floor assemblies accommodate expanding organisations or consolidated operations within the Raffles Place CBD.

The availability of multiple strata units at the project provides investors and owner-operators with granular choice, enabling portfolio assembly or phased occupancy strategies without requiring whole-floor commitment. This modularity has proven particularly attractive to private equity firms, legal partnerships, and boutique investment advisories which favour flexibility in space planning and future expansion options.

Acquisition Models and Immediate Occupancy

Unit acquisition at Plus encompasses several distinct pathways aligned to buyer objectives. Fitted units ready for immediate occupancy enable seamless relocation for operational businesses, eliminating costly and time-consuming fitout phases. Vacant strata spaces appeal to organisations with bespoke design requirements or established fitout contractors. Tenanted units attract investment-focused buyers seeking stabilised monthly rental streams and diversified income exposure to the professional services and financial services sectors anchoring the Cecil Street corridor.

The availability of both vacant and occupied strata units simultaneously creates unique arbitrage opportunities for investor-occupiers, permitting residential-equivalent income smoothing whilst maintaining core operational space. This dual-asset model has been rarely available across Singapore's premium Grade A strata office market, where single-unit sales typically occur in isolation.

Positioning Within the Raffles Place Ecosystem

20 Cecil Street sits at the epicentre of Singapore's global financial and professional services cluster. Surrounding occupiers encompass multinational banking groups, asset managers, law firms, and management consulting practices, each representing blue-chip credit quality and consistent lease demand. This institutional tenant density sustains rental growth and downward yield compression, making the location particularly attractive to long-term capital appreciation investors and yield-focused fund managers.

The microlocation's maturity and established tenant infrastructure mitigate vacancy risk and support consistent capital value growth across market cycles. Properties within a five-minute walk of Raffles Place MRT have historically outperformed broader CBD indices, reflecting the cumulative effect of transport connectivity, tenant clustering, and heritage lease profile stability.

Ownership Advantages and Stamp Duty Efficiency

Office strata purchases in Singapore benefit from a transparent and efficient conveyancing framework. Critically, Additional Buyer's Stamp Duty (ABSD) does not apply to office or commercial property acquisitions, regardless of the buyer's citizenship, existing property holdings, or domicile status. This structural advantage stands in sharp contrast to residential conveyancing, where Singapore Citizens acquiring a second residential property face a 20% ABSD levy on the purchase price.

Foreign investors enjoy full acquisition eligibility without ministerial consent or sector-specific restrictions, enabling genuine international capital participation and institutional portfolio diversification. This openness has historically attracted sovereign wealth funds, Asian family offices, and European pension funds seeking Singapore property exposure with operational predictability and tax-efficient ownership structures.

Investment Yield Considerations

Strata office units across the Raffles Place precinct have delivered consistent rental yields ranging between 3.5% and 5.0% gross, depending on unit size, tenant profile, and lease maturity. Smaller strata units (786–1,200 sqft) typically attract independent professionals and boutique advisory firms on medium-term leases, whilst larger units (1,800–2,400 sqft) command multinational tenant rosters with longer lease commitments and rental escalation clauses linked to Singapore consumer price indices.

Investors acquiring fitted, tenanted units at Plus can realise immediate rental income whilst accumulating long-term capital appreciation, a hybrid return structure particularly compelling for balanced portfolios and endowment managers prioritising income smoothing. Market evidence suggests institutional office investors have increasingly favoured strata assets over single-building rentals, reflecting divisibility, capital efficiency, and exit liquidity within the core CBD segment.

Market Context and Scarcity Premium

Grade A strata office availability across Singapore's CBD has contracted meaningfully over the past five years, as major institutional landlords consolidated portfolios and reduced unit turnover. Plus represents one of the very few projects offering material strata office stock in the prime Raffles Place zone, conferring scarcity value and pricing resilience. This constrained supply environment typically supports rental growth and yield compression cycles, benefiting existing owners and creating competitive acquisition conditions for new market entrants.

The project's positioning as a rare strata asset in an increasingly consolidated market segment reflects broader global trends toward institutional consolidation and investor preference for scale, thereby enhancing Plus's long-term capital preservation and yield stability characteristics.

Frequently Asked Questions

What gross rental yield can an investor expect from a strata office unit at Plus?

Strata office units across the Raffles Place precinct historically deliver gross rental yields between 3.5% and 5.0%, depending on unit size, tenant profile, and lease length. Smaller units (786–1,200 sqft) occupied by independent professionals or boutique advisory firms typically target the higher end of this range due to supply-demand scarcity, whilst larger units (1,800–2,422 sqft) with multinational corporate tenants often stabilise at the lower end but offer superior lease security and rental escalation certainty. Plus's positioned location and building grade suggest new acquisitions will align with or exceed these benchmarks, particularly if purchased tenanted. Investors should request 12-month historical rental data from comparable floor plates to calibrate yield expectations against their specific acquisition price.

How does Plus's per-square-foot pricing compare to recent Raffles Place Grade A strata transactions?

Recent Grade A strata office transactions across Raffles Place and Cecil Street have traded in the range of S$3,100–S$3,600 per square foot, reflecting unit size, tenant occupancy, and building finish quality. Plus's entry-level unit pricing at approximately S$3,050 per square foot (based on the S$6.4 million reference pricing for a 2,099 sqft unit) positions the development competitively within this band, offering modest pricing advantage relative to direct competitors or recent secondary market turnover. This valuation reflects both the building's contemporary Grade A specification and the project's scarcity positioning. However, investors should conduct independent appraisals, as market perception of specific floor levels, ceiling height optimisation, and view exposure can drive 5–10% pricing dispersion even within the same building.

Do Additional Buyer's Stamp Duty (ABSD) requirements apply to office purchases at Plus?

No—Additional Buyer's Stamp Duty does not apply to office or commercial property acquisitions in Singapore, regardless of the buyer's citizenship, existing property portfolio, or residency status. This is a fundamental structural advantage of office investment relative to residential property, where Singapore Citizens acquiring a second residential property face a 20% ABSD levy. Foreign investors and Singapore Citizens alike acquire office strata units under uniform conveyancing rules, paying only the standard Buyer's Stamp Duty (between 1–4% of the purchase price, depending on the acquisition amount) and legal fees. This tax efficiency significantly improves the net cash-on-cash returns and capital appreciation potential for office investors, making Plus and comparable Grade A strata assets particularly compelling for diversified property portfolios.

What is the lease duration and does lease decay impact long-term resale value at Plus?

Plus holds a freehold tenure, meaning there is no lease expiration date and no lease decay risk affecting long-term resale value or capital appreciation. Freehold office assets remain perpetually tradeable without declining asset maturity, distinguishing them favourably from leasehold residential or commercial properties where diminishing lease tenure can suppress capital values in later lifecycle stages. This structural advantage underpins long-term investment confidence and ensures the building remains equally attractive to successive generations of occupiers and investors. Freehold tenure is particularly advantageous for institutional investors and family offices pursuing multi-generational wealth preservation, as no lease extension or renewal risk arises during extended holding periods.

How does direct Raffles Place MRT connectivity affect tenant demand and capital appreciation?

Direct sheltered pedestrian connectivity to Raffles Place MRT (NS26) represents a tier-one locational amenity commanding material capital value premium, historically supporting 5–8% higher rental rates and stronger tenant demand relative to nearby office properties requiring 5–10 minute walk times. Properties within 90 metres of Raffles Place station benefit from cumulative effects of transport accessibility, tenant clustering density, and institutional occupier concentration, collectively driving consistent capital appreciation averaging 3–4% annually across market cycles. MRT proximity also reduces tenant occupancy costs through lower parking requirements and shorter employee commute times, improving overall tenant economics and retention rates. For long-term investors, this connectivity advantage insulates capital value against cyclical CBD market volatility and ensures sustained appeal across shifting professional services demographics and multinational tenant preferences.

Is Plus suitable for high-net-worth individuals, corporate tenants, and investment funds with different objectives?

Yes—Plus accommodates multiple buyer archetypes through its modular unit range and flexible acquisition models. High-net-worth individuals and family offices can acquire smaller units (786–1,200 sqft) as diversified property assets within balanced portfolios, benefiting from consistent rental income and low-maintenance strata management. Multinational corporations and established professional firms requiring operational headquarters typically acquire larger units (1,800–2,422 sqft) or contiguous multi-floor assemblies, leveraging fitout flexibility and unified workplace design. Investment funds and institutional capital favour either tenanted strata units generating immediate yield, or vacant units offering acquisition pricing discounts for lease-up capture. First-time office investors particularly benefit from Plus's strata modularity and transparent Grade A specification, enabling entry-level participation without whole-floor commitment. The development's varied offering supports value-accretive acquisitions across all investor classes and operational requirements.

What TDSR headroom and financing capacity can typical office buyers expect at Plus's price points?

Office strata purchases typically qualify for 75–80% loan-to-value financing across local banking markets, with most institutional lenders offering 20–25 year amortisation terms at 2.5–3.5% annual interest rates (dependent on personal credit profile and economic conditions). For a S$6.4 million acquisition at 75% LTV, buyers would require approximately S$1.6 million cash equity and support monthly debt servicing of approximately S$32,000–S$40,000 depending on loan rate and tenure. Total Debt Service Ratio (TDSR) constraints typically permit office strata debt servicing up to 60% of documented gross monthly income for salaried professionals, with private business owners and investors subject to more conservative assessment. Strong-income households (exceeding S$10,000 monthly gross) will experience minimal TDSR friction, whilst mid-income buyers may require additional cash equity or co-borrower income to optimise financing structure. Investors purchasing tenanted units can often offset debt servicing through rental income, improving net cash position and TDSR availability for portfolio expansion.

How does Plus compare to competing Grade A office developments near Raffles Place?

Plus's direct comparison set includes recently transacted assets such as CapitaSpring strata offices, Robinson Point, and various CCT or REIT-managed developments across the immediate Raffles Place corridor. CapitaSpring strata units have achieved similar pricing (S$3,100–S$3,400 psf) with comparable ceiling heights and building specifications, though Plus's dual-street frontage on Cecil and Church Streets offers distinct branding visibility and corner-office cachet. Robinson Point and comparable secondary Grade A buildings within the CBD periphery trade at 10–15% discounts, reflecting longer MRT distances and lower tenant clustering intensity. Plus's scarcity positioning as one of few available strata offerings in prime Raffles Place creates valuation resilience relative to more commoditised competing stock. Investors conducting comparative site selection should prioritise floor plate efficiency, specific tenant rosters, and individual lease maturity, as these variables often drive 5–10% pricing variations between properties.

Which floor levels or unit stacks at Plus offer optimal value and future appreciation potential?

Mid-level floors (15–24) typically command the strongest per-square-foot pricing and occupier demand, balancing accessibility via lift service against premium view exposure and perceived status relative to executive-occupancy norms. Lower floors (5–10) attract service-oriented tenants and back-office operations less sensitive to view quality, often trading at 5–8% discounts reflecting operational convenience rather than prestige positioning. Higher floors (25–28) command prestige premiums of 8–12% per square foot but face longer lease-up periods and tenancy concentration among executive advisory or boutique professional firms. For value-optimised investment returns, mid-level strata units (12–20) offer superior lease-up velocity, stable rental growth, and exit liquidity, making them particularly attractive for investors prioritising yield capture over prestige factors. Corner units and those with optimised cross-ventilation similarly command 3–5% premiums, reflecting superior occupancy experience and multinational corporate preference for distinctive space positioning.

What future office supply pipeline exists in the Raffles Place and Cecil Street district?

The Raffles Place CBD office market faces materially constrained future supply, with the MAS-led downtown core development plan completed and few major institutional property owners releasing additional strata units into market circulation. The primary near-term supply drivers include selective REIT portfolio rebalancing and minor refurbishment-driven releases from heritage portfolio buildings, rather than greenfield CBD office development. Land acquisition costs, heritage conservation overlay restrictions, and shift toward CBD fringe decentralisation (such as the Greater Southern Waterfront and Marina Parade precincts) have effectively capped new Grade A supply in the Raffles Place zone. This structural supply constraint typically underpins rental growth and capital value stability, making Plus's freehold strata positioning particularly defensive against future supply-driven market correction. Investors acquiring at Plus effectively gain exposure to one of Singapore's last meaningful Grade A office allocation opportunities in the prime CBD location, with limited future downside from competing supply emergence.

Plus — From S$2.2M