Type

Units

Min Area

Price Range

Studio

786 sqft

S$13,499 – S$31.4M

Other

786 sqft

S$2.2M – S$6.4M

Property Highlights

Commercial development with 14 units currently available.
Prices currently range from S$13,499 to S$31.4M.
For Singaporean second property buyers, ABSD applies at 20% of the purchase price, approximately S$2,700 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 Strata Office in Singapore's Financial Heart

Plus represents a rare institutional-grade office investment opportunity within Singapore's most sought-after commercial precinct. Situated at 20 Cecil Street in Raffles Place, this 28-storey strata office tower commands dual street frontage on both Cecil Street and Church Street, positioning it as one of the few privately subdividable Grade A assets in the Central Business District. The building's prominence is reinforced by its proximity to Singapore's largest concentration of financial services, multinational corporations, and professional advisory firms, creating an unparalleled environment for occupiers seeking premium workspace with maximum visibility.

The development's accessibility credentials are exceptional. A direct sheltered pedestrian link connects the tower to Raffles Place MRT Station (NS26), located merely 90 metres away, enabling seamless commuting for tenants and visitors. Beyond the primary interchange, Telok Ayer MRT and Downtown MRT stations lie within minutes, further anchoring Plus within Singapore's most efficient transport corridor. This multi-station redundancy translates into genuine competitive advantage for occupiers prioritising employee convenience and client accessibility.

Architectural and Functional Excellence

The architectural specification of Plus meets the rigorous demands of institutional occupiers. Regular floor plates optimise lettable area efficiency, whilst a ceiling height of approximately 3.9 metres accommodates contemporary office fit-outs, modular partitioning, and advanced mechanical systems without constraint. Throughout the tower, variable refrigerant volume (VRV) air-conditioning technology provides zone-level climate control, enabling individual floor tenants to manage their environmental comfort independently. High-speed lifts ensure rapid passenger circulation during peak periods, a critical operational factor in high-occupancy commercial buildings.

The Grade A classification reflects rigorous construction standards, structural integrity, and building management protocols. Investors and occupiers evaluating Plus benefit from the inherent market premium attached to such certification, which directly influences both rental rates and capital value trajectories over extended holding periods.

Strategic Positioning for Healthcare and Wellness Operators

Plus presents a distinctive opportunity for healthcare, diagnostics, wellness, and aesthetic practitioners seeking flagship CBD presence. The supply of strata-subdivided medical and wellness space within Singapore's Central Business District remains severely constrained, a result of both Urban Redevelopment Authority (URA) regulatory ceilings on medical use within commercial buildings and an extended moratorium on strata subdivision that has effectively blocked new private supply in this zone. For healthcare operators, this scarcity dynamic underpins both current lettability and long-term value resilience.

The catchment surrounding Raffles Place comprises a dense, high-earning demographic of professionals and managers, many of whom occupy the immediate precinct during business hours. This substantial captive market exhibits well-documented demand for preventative healthcare, executive health screening, aesthetic treatments, and specialist diagnostics—services traditionally constrained by availability in premium office locations. Plus's positioning directly adjacent to Singapore General Hospital and Raffles Hospital strengthens referral pathways and emergency support protocols, enhancing operational credibility for medical tenants.

Competitive Rarity and Investor Appeal

The strata office market within the CBD remains tightly held, with institutional ownership dominating most trophy assets. Plus stands apart as one of the few Grade A subdivided office towers available for private acquisition, a distinction that carries material implications for capital appreciation in a supply-constrained market. The URA's continued moratorium on new strata subdivisions ensures that any additional premium CBD office supply will remain scarce, supporting long-term value trajectory for current owners.

Multiple strata units are currently available across a spectrum of sizes, accommodating occupiers from boutique professional practices to substantial multi-floor operators. Contiguous full-floor blocks can be assembled for larger institutional tenants requiring column-free lettable area or enhanced branding presence. The development offers flexibility between vacant space, pre-leased units, and tenanted investments, enabling acquirers to structure their ownership model according to investment horizon and income requirements.

Ownership Eligibility and Tax Efficiency

Plus is fully eligible for foreign acquisition and corporate ownership, removing geographical restrictions that typically constrain international investors' CBD access. Critically, the property incurs no Additional Buyer's Stamp Duty (ABSD) and no Seller's Stamp Duty (SSD), delivering genuine tax efficiency relative to residential alternatives. These fiscal advantages enhance net-of-duty returns, particularly relevant for investors evaluating Plus against comparable office or mixed-use assets elsewhere in the region.

The commercial strata structure also enables straightforward corporate ownership, direct leasing to tenants without residential restrictions, and simplified investor exit mechanics relative to landed property alternatives. Commercial stamp duties remain substantially lower than residential equivalents, further supporting transaction economics across the ownership lifecycle.

Market Positioning and Capital Dynamics

Raffles Place has historically commanded premium office rental rates reflecting the concentration of financial services, legal practices, and multinational headquarters within the precinct. Tenants prioritising Brand visibility, client accessibility, and employee convenience consistently accept above-average rental cost to secure addresses within this zone. Plus's dual street frontage amplifies this branding value, offering signage visibility and street-level presence unavailable in many contemporary office towers.

The capital appreciation profile for Grade A strata office in this location remains positive, supported by constrained supply, persistent tenant demand, and the precinct's entrenched position as Singapore's primary financial district. Investors with 5-10 year holding horizons can reasonably anticipate rental escalation tracking economic growth and financial services sector expansion, coupled with capital value appreciation driven by scarcity dynamics.

Plus represents a sophisticated investment vehicle for institutional acquirers, high-net-worth individuals, and healthcare operators seeking premium CBD presence with structural supply-side protection. The combination of architectural quality, transport connectivity, occupier diversity, and regulatory scarcity creates a compelling value proposition in Singapore's most resilient commercial real estate segment.

Frequently Asked Questions

What rental yield can I expect if I purchase a unit at Plus as an investment property?

Office rental yields in the Raffles Place precinct typically range between 3% and 4.5% gross, depending on floor level, unit size, and tenant profile. Plus commands premium rental potential given its Grade A specification, direct MRT access, and dual street frontage, positioning it within the higher end of this yield band. Tenants occupying medical, wellness, or diagnostic practices in CBD locations typically accept rental rates 10-15% above standard office averages, reflecting their willingness to pay for location prestige and client accessibility. Long-term yield expectations should account for inflationary rental growth tracking Singapore's economic expansion and persistent financial services sector demand. Investors should factor in outgoings, sinking fund contributions, and management fees when calculating net yield; commercial office typically runs 15-20% of gross rental income.

How does pricing per square foot at Plus compare to recent transactions in the Raffles Place office market?

Grade A strata office in Raffles Place has historically traded between S$2,500 and S$3,500 per square foot depending on floor level, unit size, and condition at time of sale. Plus, priced from approximately S$2,750-S$2,900 per square foot across the current availability range, reflects fair value positioning within this established range. Recent transactions involving trophy addresses with MRT-direct access and dual street frontage have commanded the upper end of this spectrum, validating Plus's pricing relative to comparable contemporary sales. Smaller units (under 1,500 sqft) typically command modest per-sqft premiums over full-floor blocks due to fixed transaction costs and investor demand for bite-sized allocations. Investors should view per-sqft metrics as a screening tool only; location, floor level, orientation, and occupier calibre equally influence long-term capital appreciation.

Will I pay Additional Buyer's Stamp Duty (ABSD) when purchasing a second property at Plus?

No. Plus is classified as commercial office property, not residential real estate. ABSD, currently levied at 20% on residential property purchases by Singapore Citizens acquiring a second residential home, does not apply to commercial office acquisitions regardless of how many residential properties you currently own. This represents material tax efficiency relative to residential alternatives; a S$4.5 million residential purchase would trigger approximately S$900,000 in ABSD, whereas the same investment in commercial office at Plus incurs zero ABSD liability. This tax advantage particularly benefits investors seeking diversification into commercial real estate or healthcare operators establishing flagship CBD presence without residential property tax implications.

Is lease decay a concern for my resale value if I purchase at Plus?

Plus is offered on a strata office basis within a freehold building structure, meaning your unit ownership is not subject to lease expiry or decay mechanisms that typically affect leasehold residential properties. Freehold office ownership in Singapore carries perpetual tenure with no expiry date, eliminating the resale friction and capital value erosion associated with diminishing lease length. This freehold characteristic fundamentally distinguishes commercial office from residential leasehold, ensuring your ownership retains capital value independent of lease maturation. For institutional investors with multi-decade holding horizons, freehold ownership provides structural certainty unavailable in leasehold alternatives, supporting confidence in long-term capital appreciation.

How does proximity to Raffles Place MRT Station affect demand and capital appreciation at Plus?

Direct MRT accessibility is a primary driver of office rental rates and capital value in Singapore's CBD. Plus's position 90 metres from Raffles Place MRT Station (NS26), connected via a sheltered pedestrian link, delivers tangible competitive advantage attracting multinational corporations, financial institutions, and professional service firms prioritising employee convenience and client accessibility. Properties within a 5-minute walk of primary MRT interchanges consistently command 10-15% rental premiums over comparable non-station-proximate competitors, translating into higher absolute rental income and superior investment returns. The tri-station redundancy—Raffles Place (NS26), Telok Ayer, and Downtown within minutes—further anchors demand, reducing occupancy risk during economic slowdowns and supporting pricing resilience across market cycles. Capital appreciation in station-proximate office historically outpaces broader CBD averages; institutional investors explicitly value this connectivity advantage in acquisition decisions.

Is Plus suitable for different buyer profiles—HNW investors, upgraders, first-time commercial investors, and healthcare operators?

Plus accommodates diverse buyer profiles with distinct investment objectives. High-net-worth individuals seeking trophy CBD assets with institutional-grade specification and capital appreciation potential find Plus ideally positioned; the freehold structure, constrained supply, and Grade A credentials appeal to long-term wealth preservation mandates. First-time commercial property investors benefit from Plus's transparency, direct tenant appeal, and professional asset management; smaller strata units (1,500-2,000 sqft) offer bite-sized entry points without the complexity of managing entire buildings. Healthcare operators, wellness practitioners, and aesthetic clinics find Plus exceptionally relevant given the acute shortage of medical strata space in the CBD; the location's proximity to SGH and Raffles Hospital, combined with the captive professional demographic, supports strong tenant fundamentals. Upgraders transitioning from smaller office to flagship presence recognise Plus as offering rare availability in their target market, where contiguous full-floor assemblies remain scarce. Each profile benefits from the underlying scarcity dynamic and the absence of ABSD, making Plus economically compelling across multiple investor archetypes.

What are TDSR and financing headroom implications at typical Plus price points?

Commercial property financing for investment purchases typically operates at 70-75% loan-to-value ratios, requiring approximately 25-30% cash down payment. A representative Plus purchase at S$4.5 million would require S$1.1-1.35 million in equity, with approximately S$3.15-3.4 million financed over 20-25 year terms at prevailing commercial mortgage rates (currently 4.5-5.5% across major Singapore banks). Total Debt Service Ratio (TDSR) ceilings of 60% mean your overall debt obligations (residential, auto, personal loans, plus the Plus mortgage) cannot exceed 60% of gross monthly income; for a S$3.5 million loan, monthly servicing runs approximately S$18,000-20,000, requiring gross monthly income of approximately S$30,000-33,000 to remain comfortably within TDSR parameters. Investors with diversified income streams or corporate ownership structures may access enhanced financing flexibility, particularly where the property is encumbered to corporate entities rather than individual borrowers. Commercial banks increasingly favour Plus as a lending security given its Grade A specification, institutional tenant quality, and freehold status—translating into competitive interest rates and streamlined approval processes.

How does Plus compare to nearby competing developments in Raffles Place and the CBD?

Grade A strata office availability in Raffles Place remains exceptionally constrained. While numerous trophy towers operate within the precinct (including high-profile addresses on Raffles Place Road, Bonham Street, and Clemenceau Avenue), most remain wholly held by institutional landlords with no strata subdivision permitted. Plus stands apart as one of the few privately acquirable Grade A strata office towers, a distinction fundamentally differentiating it from comparable building-level ownership alternatives. Directly competing strata office assets are limited; most contemporary competitive alternatives involve smaller mixed-use developments or secondary locations outside the Raffles Place core. Plus's dual street frontage (Cecil and Church) exceeds the typical configuration of competitor properties; the direct MRT shelter link similarly outperforms many comparable assets requiring 3-5 minute walks to station entrances. For investors or occupiers comparing Plus to leasehold or building-level institutional alternatives, the strata structure combined with freehold tenure and Grade A specification creates a genuinely differentiated competitive positioning with limited close comparables.

Which unit stack or floor level at Plus offers the best value proposition?

Office rental premiums and capital appreciation dynamics in the CBD exhibit distinct floor-level behaviour. Mid-rise floors (10-18) typically offer optimal value, commanding only modest premiums over lower floors whilst avoiding the premium pricing of upper-level units; they deliver excellent exposure and natural light without the executive-suite pricing that characterises the 20th+ floors. Lower floors (3-8) attract ground-level retail-adjacent tenants and service-oriented operators; whilst pricing is relatively accessible, tenant quality and turnover patterns can be less stable than mid-level occupiers. Premium upper floors (19+) command substantial per-square-foot premiums reflecting executive branding desire and corner/sky-view positioning; unless your investment thesis specifically targets prestige tenants with aesthetic preferences, the rental uplift rarely justifies the acquisition cost increment. Contiguous blocks assembled across multiple mid-level floors optimise per-sqft pricing whilst capturing diversified tenant profiles and reducing vacancy risk through operational redundancy. Investors should evaluate specific floor plates against known tenant demand and contemporary comparable leasing activity rather than relying on categorical floor-level hierarchy.

What is the future office supply pipeline in the CBD, and how does this affect Plus's long-term value?

Singapore's CBD office supply pipeline remains remarkably constrained, a structural condition supporting capital value resilience for Plus. The URA's moratorium on strata subdivision, implemented to preserve building-level management coherence and institutional control, has effectively blocked new private commercial office supply in the core CBD for over a decade. No major Grade A office completions are scheduled within the Raffles Place or immediate CBD vicinity through 2027; most new office development is concentrated in fringe precincts (Marina Bay, Tanjong Pagar, Shenton Way periphery) significantly distant from the financial sector's epicentre. This supply drought, combined with persistent multinational corporate demand for premium CBD presence, creates a structural tailwind for existing Grade A assets. Plus, as one of the few strata subdivisions available, benefits disproportionately from this supply-constrained environment; institutional investors explicitly factor in scarcity value when evaluating acquisition pricing. Long-term capital appreciation for Plus should meaningfully exceed broader Singapore office market averages precisely because the supply pipeline deficit protects pricing power and occupier demand concentration.

Office At 20 Cecil Street — From S$13,499