Keppel Group has put 112 Katong, a mall in Katong/Joo Chiat area, up for sale, expecting offers around $500M. The mall, which is on a site balance of 61 years, has NLA of 207,160 sqft of retail space, plus 300 plus car park lots in the basement. The mall was first put in the market in April, with an asking price of $559M. The occupancy rate is 84%, with some units left vacant for possible refurbishment.
The freehold development in the heart of Tai Seng industrial and commercial hub is up for sale again. The 110-unit industrial property of 1.3 ha size in MacPherson Road, Citimac Industrial Complex, has been put up for collective sale with a price tag of at least $430 million this time.
The eventual buyer would have to pay an additional $99 million in development charge (DC) for intensifying the land use — translating to a cost of $1,081 psf per plot ratio.
The redevelopment site is zoned “Business 1-White”, with a gross plot ratio of 3.5 under the URA Master Plan 2014. It can potentially yield a maximum gross floor area of 489,262 sq ft, of which at least 349,473 sq ft has to be for Business 1 or light industrial use, with the remaining for “white” use, which includes retail or commercial uses.
The white component is ideal for retail and F&B, such as cafes, restaurants and foodcourts, to tap on the growing catchment of workers in this up-and-coming F&B cluster, as well as residents in the neighbourhood,
BreadTalk Group, Sakae Holdings, Charles & Keith, Tee Yih Jia Group, Malaysia Dairy Industries and Lian Beng Group are among the many big names in the vicinity.
In February Mapletree opened its mixed-use development 18 Tai Seng, which boasts tenants such as Liao Fan Hawker Chan, Japanese Soba Noodles Tsuta and Tim Ho Wan.
The Park Place Residences at Paya Lebar Quarter (PLQ), a 429-unit development which will be the third condo project to hit the market this year after The Clement Canopy in Clementi and Grandeur Park Residences in Tanah Merah, will open for a preview tomorrow.
The $3.2 billion PLQ – being jointly developed by Lendlease and Abu Dhabi Investment Authority – will feature a mall, three office towers and three residential blocks. Developer Lendlease yesterday said it is confident there will be a good take-up for the 99-year leasehold Paya Lebar project.
Lendlease plans to sell 171 apartments, or 40 per cent of the total units at Park Place Residences, as part of its first release. Park Place Residences will have 117 one-bedroom units, between 480 sq ft and 580 sq ft in size, with prices starting at $780,000. Meanwhile, the price for 234 two-bedroom apartments, between 650 sq ft and 900 sq ft, will start from $1 million. The remaining 78 three-bedroom units, between 1,080 sq ft and 1,350 sq ft, will be priced from $1.6 million.
The prices should work out to an average of about $1,560 psf to $1,610 psf. This would make Park Place Residences the priciest condo project out this year. Average prices at both The Clement Canopy and Grandeur Park Residences are below $1,400 psf. Park Place Residences will be launched for sale on March 25.
Concurrently the MOF has just announced a set of updated initiatives for property. It includes changes to SSD among others — http://www.mof.gov.sg/news-reader/articleid/1795/parentid/59/year/2017?category=Press%20Release
Katong Shopping Centre (KSC) in Katong/East Coast area is making a third time try at the collective sale market, with a asking price of about $630m. More than 80% of owners have agreed to the proposed sale. CDL owns 60 units and 323 carpark spaces in the mall. KSC is built in 1973, at a cost of $20m to CDL.
The psf price of %2248 is seen high in today’s market. The 86,924 sqft site with plot ratio of 3.0 is zoned for commercial and residential use. The current gross floor area (GFA) is 280,203sqft. The agent responsible for the collective sale, Cushman & Wakefield, is applying to URA for outline permission for full commercial site.
The venue is also a prime ideal for additions and alterations to recreate a landmark mall in Katong. A potential 32K sqft space may be set aside for medical suites. The site is within 500-600m of the future MRT stations of Marine Parade and Amber. The tender is due 8 Sept 2016.
Freehold Shop at Paya Lebar Regional Centre.
Face main road/entrance/bus-stop/water point.
Tenanted $1900 pm.
Call David for more details @ 94772121
Grandlink Square is a commercial property located in 511 Guillemard Road in district D14. This commercial space is primarily used for Mall Shop rental and sale. This Mall Shop space is 0.45 km away from Paya Lebar MRT Station/Interchange. The tenure of this commercial property is Freehold.
A freehold shophouse block comprising five units along Joo Chiat Road has been sold for S$16.8 million. The price works out to S$1,357 per square foot based on the lettable area of 12,382 sq ft.
The site is zoned for commercial use within the Joo Chiat Conservation Area, a secondary settlement. The front of the building has two storeys and an attic – and this part of the building has to be conserved. However, the rear portion, which is four storeys high, can be torn down and rebuilt up to five storeys.
The five units were originally said to have separate land lots but were amalgamated at some point in the past, resulting in a boutique building that stands currently on a single land lot and bearing the address 201 Joo Chiat Road.
201 Joo Chiat Road is being sold by Kota Development, which is linked to the Lee family that founded OCBC.
The buyer is a company understood to be linked to Singapore-based SilkRoad Property Partners, a property investment management company and fund manager. The company was set up in 2012 by the former AEW Asia senior management team led by Peter Wittendorp.
BT understands the transaction was a private treaty sale.
CBRE confirmed it brokered the sale of 201 Joo Chiat Road but when contacted, Sammi Lim, associate director (investment properties), declined to comment on the transaction.
201 Joo Chiat Road has some unutilised plot ratio (ratio of maximum gross floor area to land area). Its current gross floor area (GFA) of around 15,800 sq ft is 2.6 times the site area of 6,031 sq ft – lower than the maximum 3.0 plot ratio indicated for the site under Urban Redevelopment Authority’s Master Plan 2014.
Currently, the building is only partially leased – as offices and showrooms. Two of the five ground-floor units are said to have been approved for food and beverage use although they are not being utilised for this purpose at the moment. The property has five attached car park lots accessible via a backlane.
There is scope to drive up the property’s rental income, especially if the asset undergoes renovation once leases expire, said market watchers.
“The price is quite reasonable but the new owner will have to pump in some money and do a fair amount of spruce-up; currently the building has low occupancy and rental rates,” said a conservation shophouse industry observer.
Another company in the Lee family stable recently divested a plum light industrial building next to the upcoming Bendemeer MRT Station on the Downtown Line for S$88 million.
The property has been bought by entities linked to Raymond Ng Ah Hua, who controls property group BS Capital as well as listed Enviro-Hub Holdings.
On site is a seven-storey property, which has a basement car park. There are also some surface car park lots.
The building, which was completed in 2002 to high-tech industrial specifications, is on a 79,818 sq ft site with a balance lease term of 50 years. Industry watchers say the existing development has probably tapped the maximum allowable GFA for the site.
The S$88 million price for the property works out to around S$500 psf based on its net lettable area of around 175,000 sq ft. The multi-tenanted building is nearly fully let.