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.
Category Archives: Commercial property
Shops, offices and industrial properties which provide commerce for katong residents and visitors alike
Citimac Industrial Complex up for enbloc sale again
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.
$575K Investment property in Paya Lebar/Ubi
Looking to buy an investment property at 4.6% yield? Situated in Ubi Avenue 1, this Ubi Centre business space is for sale with tenancy. 1152sqft. Call 97442121 for more details.
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PLQ to incorporate co-working spaces
Australian developer Lendlease is jumping on the co-working bandwagon and taking its employees along with it. Co-working spaces are working environments shared by people employed by different companies. One hundred of its five-hundred-and-fifty staff here will be moving into a co-working space at OUE Downtown in the Central Business District, partially in preparation for similar zones at its own upcoming office towers at the Paya Lebar Quarter (PLQ).
Lendlease chief executive Tony Lombardo said the company’s PLQ development would “definitely” have a co-working element. The PLQ project is expected to have about one million sq ft of Grade A office space across three 13- to 14-storey blocks and accomodate around 10,000 workers. Lendlease said it is in talks with multinational corporations over the leasing of space there.
The developer will be hoping to replicate the success it has enjoyed at its A$6 billion (S$6.4 billion) development in Barangaroo South, Sydney. Lendlease built three skyscrapers there of 2.8 million sq ft, to the entire Sydney Central Business District.The three towers has committed leases for almost full occupancy. The floor plates of the PLQ offices will be large, similar to those of the Sydney towers, ranging from 2,200 sq m to 3,000 sq m.
PLQ would be a “new place in Singapore in terms of connectivity and quality of the environment” according to Lendlease. The company is keen on expanding its urban regeneration portfolio and wants to win at least two to four urban regeneration projects in the next five years in Asia. Naturally, it has its eyes set on Singapore’s master developer projects.
Singpost Centre mall to be managed by Capitaland
The mall in the new SingPost Centre – near Paya Lebar MRT station – spans five floors and has a net lettable area of about 175,000 sq ft. The SingPost Centre will house the new General Post Office and Philatelic Store and feature tenants, including supermart NTUC FairPrice, Golden Village cinemas and a Kopitiam foodcourt. SingPost said the 300 sq m General Post Office will feature traditional counter service and technology-enabled innovations such as POPStations and eSAM machines. There will also be a heritage corner where customers can learn about the postal service firm’s 150 years of history.
CapitaLand Mall Asia is the mall manager, signing its first third-party mall management contract in Singapore, boosting CapitaLand’s mall network here to 20. The long-term contract with Singapore Post will see CapitaLand managing the upcoming mall at the new SingPost Centre in Paya Lebar – slated to open in the second half of this year.
The SingPost Centre mall will augment its presence in eastern Singapore, where it currently owns and manages two malls – Tampines Mall and Bedok Mall. It is also involved in a joint venture to develop the Jewel Changi Airport which is due to be ready in early 2019.
With CapitaLand as the retail mall manager, SingPost will be able to focus its attention on our core operations of postal services and e-commerce logistics. Under the property management agreement, CapitaLand will oversee the period leading up to the opening of the mall, its marketing and promotion as well as leasing and facilities management.
Millenials favour property investments
The Manulife Investor Sentiment Index (Manulife ISI) survey found that more than two-thirds (68 per cent) of Singapore millennials aim to purchase local property, with 40% intending to do so for investment purposes to generate rental income. The millennials, defined as those who are currently between the ages of 25 and 34 years, favour investing in property as a means to achieve financial security though their satisfaction with rental yield is the lowest in Asia.
58 % are satisfied with the rental yields compared to an average of 78 % in Asia. The highest satisfaction levels with regard to rental yields were in Indonesia (97%) and the Philippines (92%). A statement by Manulife said this suggests that Singapore millennials who bank on rental income may need to seek other alternatives.
The latest Manulife ISI survey was conducted in September and October 2016, and was based on 500 online interviews in markets including Hong Kong, China, Taiwan and Singapore. Respondents were middle-class to affluent investors aged 25 and above, who are the primary decision makers of financial matters in the household and currently have investment products.
The study found that Singapore millennials were more optimistic about their retirement prospects than older generations – eight out of 10 believe they will be able to maintain or improve on their current lifestyle when they retire. In contrast, older investors tended to lower their expectations as they drew closer to retirement – 44% above the age of 50 expect to scale back their lifestyle in retirement.
Millennials, however, do recognise that financial and health concerns may challenge their retirement aspirations. 74% plan to continue working in a full-time or part-time job after retirement, and expect their work income to contribute close to 20% of their retirement income.
But more than half feel their health condition may not allow them to continue working.
Millennials may also become the “sandwich” generation, expected to care for their children and ageing parents. More than a third (34%) believe they will need to support their children and their parents even after they retire, as opposed to 8% for those aged 50 and above.
44% do not expect to receive any financial assistance from their children. Half of millennials expect they will still be carrying debt or a mortgage in retirement.
New Paya Lebar Condo @ Katong Fringe ready for sale
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
