SINGAPORE (EDGEPROP) - A portfolio of freehold properties are up for sale at $51 million, according to CBRE, which is marketing the assets.
The properties can be purchased in two groups: 104 & 106 Jalan Jurong Kechil, and 261 Outram Road; or 101 & 101A Soo Chow Walk, and six units at Ann Chuan Complex. It could also be purchased collectively as one portfolio.
At the price tag of $51 million, this translates to about $1,740 psf on a total floor area of 29,308 square feet.
104 and 106 Jalan Jurong Kechil is a four-storey development with two F&B shops on the ground floor, two commercial schools on the second floor and 16 residential units on the third and fourth floors. It sits on 3,623 sq ft of land, and is zoned under “residential with commercial at first storey”. It has a maximum permissible gross floor area of approximately 8,507 sq ft. The property has undergone extensive renovation works in 2016 and is fully tenanted as at March 31.
261 Outram Road is a four-storey pre-war conservation block with an estimated built-up area of 7,325 sq ft. It sits on a 2,276 sq ft site, zoned under “residential with commercial at first storey”. The property is fully tenanted to a fitness gym on the ground floor and a co-living operator on the upper floors. Located directly opposite YWCA Outram Centre, the property is within five minutes’ walk from Havelock MRT Station on the Thomson-East Coast Line, which is slated for completion by end-2021.
101 and 101A Soo Chow Walk is a corner two-storey shophouse with a total strata floor area of 3,477 sq ft. It is currently tenanted to a commercial school, with a frontage of about 35m along Soo Chow Walk and Lor Mega.
Ann Chuan Complex is a six-storey light industrial building located at 115 King George’s Avenue, a five-minute walk to both Lavender and Bendemeer MRT Stations. It has a total strata floor area of about 9,999 sq ft. Apart from the ground-floor unit that is approved for F&B use, the remaining five units are to be used for light industrial activities. Currently, the 3,401 sq ft ground-floor unit is tenanted to a hipster café.
“The portfolio presents a unique opportunity to acquire various income-producing asset types at one go. What’s more, these freehold properties are located in Singapore’s popular districts – Bukit Timah, Tiong Bahru and Lavender — and are commanding a price that is palatable to the market,” comments Clemence Lee, senior director of capital markets at CBRE.
So far, “we have observed increasing enquiries from investors, including family offices and high net worth individuals, who are looking to relocate their funds from the stock market into real estate for more stable returns”, says Stephen Ho, head of residential services at CBRE.
The Expression of Interest exercise will close on May 6 at 3pm.