Upcoming Office space may not be enough

Fears are emerging of a possible office space crunch despite the soaring skyscrapers framing the ever-changing central business district (CBD) skyline.

No commercial sites were on the confirmed list of the Government Land Sales (GLS) programme for the first half of 2015 released last week. These sites go on sale regardless of interest.

This has fuelled concerns in some quarters that despite a slew of new commercial buildings slated for completion in the next three years, space could still be in short supply down the line.

Industry players say the new buildings should meet demand for office space in the Downtown Core – which covers the CBD, City Hall, Bugis and Marina Centre areas – in the short term.

But some fear a possible crunch, amid an increasingly diversified profile of tenants looking to set up shop in the core business district.

The Straits Times understands that developers are keen to see more commercial sites go on sale.

The GLS programme for the first half-year has only a 0.78ha plot in Marina View and Union Street and a 2.1ha commercial site on the reserve list – requiring bidders to first submit an acceptable opening offer to trigger a tender.

The two sites could yield 1.89 million sq ft of commercial space.

“As office developments tend to be large, we do not always need to supply an office site on the confirmed list every half-yearly,” the Urban Redevelopment Authority (URA) said in response to queries from The Straits Times.

“New office supply from the GLS programme is intended to meet demand in the medium term, after factoring in a construction period of about five years.

“Our supply of office space in the Downtown Core will also need to be balanced against our efforts to build up new commercial centres outside the city centre to bring jobs closer to homes.”

About two-thirds of 11.8 million sq ft of commercial space are in the central areas, which will be enough to meet demand “in the next few years”, said URA.

But experts believe supply will be patchy up to 2018. Beyond that, the lack of new supply is “becoming starkly obvious”.

CapitaCommercial Trust’s 702,000 sq ft CapitaGreen will be completed by the end of the year. The 500,000 sq ft office component of the South Beach integrated project is set to be ready too.

After a dearth of fresh supply next year, about 3.2 million sq ft of office space – the size of Marina Bay Financial Centre – from four projects is expected to flood the market in 2016: M+S’ DUO in Beach Road and Marina One in Marina Bay, GuocoLand’s Guoco Tower in Tanjong Pagar and UOL Group’s 5 Shenton Way.

The supply will be trimmed yet again in 2017, with just 805,100 sq ft coming on stream from Frasers Centrepoint’s commercial site in Cecil Street and Tuan Sing’s redevelopment of Robinson Towers.

“Historically, it’s always been a feast or famine in Singapore’s office space if you look at the supply chart. Landlords and occupiers will have to time their renewals and leasing plans according to that,” noted Mr Desmond Sim, research head at CBRE, Singapore and Asia Pacific.

The result is that rents of Grade A space – in top-quality buildings – could pick up at a faster clip in 2018, said Mr Sim.

Already, monthly rents have picked up 17 per cent, from $9.66 per sq ft (psf) since the trough in the third quarter of last year, to $11.20 psf now.

However, Ms Tan Li Kim, head of research at Cushman and Wakefield, estimated demand for office space would be 4.4 million sq ft by 2018, against the 5.3 million sq ft of space that could be available by then, if the upcoming projects are developed on time.

This supply would be from different office micro markets within, so any rental fluctuations are expected to even out, she said.

One micro market that has stood out would be the offices in the Marina Bay precinct, for instance, said Mr Moray Armstrong, executive director of office services at CBRE.

The URA has made plans for 10.8 million sq ft of new office space under its Master Plan 2014.

But, as Mr Armstrong put it: “The million sq ft question is where and when the next landmark Marina Bay development will arise.”


Orchard Building up for collective sale for $400M up

A Freehold commercial and residential building in the Orchard Road area is up for collective sale with offers expected to reach $420 million.

The 26-storey Thong Sia Building, which is on Bideford Road and opposite Paragon mall, has a land area of more than 21,000 sq ft. There are seven levels of commercial space and a 19-level residential tower of 37 apartments.

The building used to be occupied by watchmaker Seiko but most of the retailers have left.

The expected price of between $400 million and $420 million translates to about $2,559 to $2,687 per sq ft (psf) over the gross floor area of about 156,300 sq ft.

Sole marketing agent Jones Lang LaSalle Property Consultants (JLL) noted yesterday that if the Government allows the sale of an adjoining road that serves only Thong Sia Building, the price could go down to $2,414 to $2,532 psf.

Mr Karamjit Singh, international director at JLL, said owning a property in the Orchard Road district, “especially freehold, is a matter of great prestige, privilege and value”.

He cited a JLL study showing there are only 50 non-residential buildings directly on or off Orchard Road; 31 are freehold or 999-year leasehold while the rest have 99-year leases or less.

He added that effectively, there are “only nine or so potentially tradable freehold assets in and around Orchard Road”.

“From this perspective, it is clear that an opportunity to own the freehold Thong Sia Building is truly valuable,” said Mr Singh.

The tender closes at 2.30pm on Jan 28.


SBR: More luxury properties sold under the hammer

Prime districts are hardest hit. The weak residential property market has forced more homeowners to relinquish their hard-earned trophy properties. According to Colliers, a larger number of prime condominiums and landed homes have been put up for sale by mortgagee sale this year, as higher-priced properties have been particularly hard-hit by the government’s stringent property cooling measures,

Data from Colliers showed that there were 51 non-landed homes in prime areas put up for sale by mortgagees – including units at the newer prime Districts 1 and 4 which comprises developments such as Marina Bay Residences, The Sail @ Marina Bay, Reflections at Keppel Bay and Turquoise in Sentosa Cove.

Properties at the traditional prime Districts 9 and 10 which comprises developments such as Thong Sia Building and Orchard Scotts in Orchard Road, The Verv in River Valley, Residences at Killiney and Visioncrest Residence off Orchard Road, Estilo at Dhoby Ghaut, Botanic Gardens Mansions in Napier Road and Stevens Court in Stevens Road.

“The subdued market sentiments are pronounced in these areas, as housing demand from both locals and foreigners has substantially weakened. Not only has it become challenging for local homebuyers to secure loans, particularly for higher-priced properties, due to the stringent loan curbs, the falling yields as a result of the softer rental market have also deterred investors from committing to a purchase,” said Annie Chan Director of Auction & Sales at Colliers International.

Landed homes contributed 11.9% to the mortgagee sale listings. Most of these properties have sizeable land plots of about 4,000 sq ft or more and borrowers are experiencing difficulties in disposing their properties due to the higher price tags that come with these larger landed homes

Notwithstanding, the relatively lower percentage of landed homes put up for mortgagee sale is due to the ownership profile of such homes – comprising mainly owner-occupiers, since landed residential properties are still coveted homes due to its scarcity.

Only three landed properties were sold – Brighton Crescent that was knocked down at $9.1 million, Eng Kong Drive at $3 million and Wolskel Road at $4.31 million.

- See more at: http://sbr.com.sg/residential-property/in-focus/more-luxury-condos-landed-homes-go-under-hammer-in-feeble-market#sthash.ySpaZpet.dpuf

Shophouse deals remain resilient despite volume drop

THE number and value of shophouse transactions so far this year is roughly half that of last year, as demand has been hit by tightened availability of loans, a compression of shophouse yields and investor interest being diverted to overseas properties.

Prices in choice locations in the Central Business District, however, are still holding given the limited supply and the profile of owners, mostly deep-pocketed investors that are happy to continue renting out their premises if they cannot reap significant capital appreciation.

CBRE’s analysis of URA Realis data shows that 101 caveats have been lodged for shophouse transactions so far this year totalling S$548 million, down from 206 caveats adding up to S$1.27 billion in 2013.

In the first half of last year, S$922 million worth of shophouses changed hands; however the onset of the total debt servicing ratio (TDSR) framework in late-June 2013 has caused some buyers to hold back their purchase plans.

Shophouse sales slipped to S$347 milion in the second half of 2013 before easing further to S$277 million in H1 this year and S$271 million so far this half. However, these figures do not include deals involving sales of shares in special purpose vehicle companies that own shophouse assets, since caveats are typically not lodged for such deals. An example would be a S$50 million sale of a row of five shophouses in the CBD this year.

A shophouse in Boat Quay is understood to have been sold recently for S$9.5 million – which has not been caveated.

Owners who want to sell shophouses may have had to clip their pricing expectations, say property agents, but actual transacted prices have been resilient in districts 1 and 2, where the choicest conservation shophouse stock is located, such as Telok Ayer Street, Club Street, Amoy Street, Chinatown, Duxton Hill and Tanjong Pagar.

Sammi Lim, CBRE associate director, investment properties, said: “Despite the decrease in the number of transactions compared with pre-TDSR, shophouse prices have remained resilient and in fact we are still observing an overall increase in capital values in choice locations. Current transacted prices in districts 1 and 2 in the CBD are in the range of S$2,200 psf to S$2,500 psf of gross floor area (GFA) on average – depending on land tenure – compared with S$1,800-2,200 psf around May or June last year before TDSR.”

Knight Frank executive director, investment, Mary Sai also said that transacted prices in Telok Ayer and Chinatown locations are around S$2,500 psf of GFA – surpassing the S$2,000-2,100 psf in Q1 last year. “Prices of conservation shophouses in the Central Area and Little India have held firm – defying our expectations of a price softening in the aftermath of TDSR and the Little India riot last December.

“However, shophouse prices outside the Central Area in places such as Geylang, East Coast and Upper Serangoon have softened about 5-10 per cent (post-TDSR).”

Simon Monteiro, director at Historical Land, a boutique property agency specialising in shophouses, observed that “those who are selling shophouses currently are the ones looking to divest a few small shophouses in various locations and replacing them with a bigger investment, for example, a row of shophouses; or some investors who just want to cash out now for retirement reasons”.

Even after the TDSR rollout, a few investors have managed to realise attractive gains from shophouses. For example, a property in Peck Seah Street was acquired in March last year for S$12.2 million and resold four months later (before the completion of the sale) for S$16.8 million before being flipped again in October the same year for S$20.5 million.

Such cases are rare though. Most of those making sizeable gains have longer holding periods. For instance, a property on Tras Street that was sold two months ago for S$11.15 million had previously changed hands for S$7.1 million in May 2012 and prior to that for S$5 million in July 2010, according to caveats data.

Mr Monteiro notes that most shophouses are held by ultra high net worth (UHNW) owners with very good holding power. “For them to sell, the values must double or more.”

Agreeing, Knight Frank executive director (investment) Mary Sai, said: “There are owners telling us: ‘If I don’t get my price, I’ll just rent it out.”

Yields on shophouses have declined as rental increases have not kept pace with the jumps in capital values.

“Net yields today are around 2-2.5 per cent on average on commercial shophouses in Districts 1 and 2,” said Ms Sai. “In Q1 2013, they used to be 3-3.5 per cent.”

Mr Monteiro said that current sub-3 per cent yields are “rather unattractive to investors”. “If you are a serious seller, you may have to lower your price expectations to allow the yield to the buyer to be 3-3.5 per cent. Only then will you see interest.”

Industry players note that buyers are also factoring in expected increases in borrowing costs.

Ms Sai said that a common strategy by landlords is to lease out the ground floor to a food and beverage (F&B) outlet or as a showroom, and find office tenants for the uppper floors.

The increase in Grade A office rents has helped to prop up office rents in shophouses.

“Landlords try to maximise their rental returns by having one tenant per floor to avoid having to give a bulk discount to a single tenant occupying the whole building,” Ms Sai added.

Investors that acquired shophouses more than five years ago would be able to comfortably service their mortgage from rental collection as their purchase price would be much lower than current values, she said. “But those who bought 1-2 years ago, I think, to their horror, some of them find they cannot push up the rental much if the rent at the point when they bought their property was already quite peakish. If they trigger any further increases, their tenants may not find it sustainable to continue business at the location.”

On the other hand, Zain Fancy, founder and director of Clifton Real Estate, which owns more than a dozen shophouses in Singapore, pointed out that it is still possible to spot good investment opportunities. “A lot of shophouses are under-rented; their owners have not spruced up the properties in years. So there is a value proposition here.

“By renovating properties, rents go up and hence prices increase. From the tenants’ perspective, renting space in a shophouse can be attractive. For instance, we’re leasing ground floor retail space at Pagoda Street, a location with very high foot traffic, at S$17-18 psf a month – a discount to the S$35-40 psf for ground floor space in an Orchard Road mall.

“We have leased an upper-level office floor (of about 1,200 sq ft) in one of our CBD shophouses at S$8 psf, so that’s about S$10,000 monthly rent – and they get their own toilet and pantry. The occupier is new to Singapore and was previously operating out of a serviced office, paying about S$5,000 a month for a space of about 100 sq ft.”

Ms Sai too noted that the average shophouse office rent in the CBD of about S$6-6.50 psf a month is lower than the double-digit rents in Grade A office buildings.

Street-level F&B space has been the key driver for growth of shophouse rents, noted Mr Monteiro. “There has been an influx of cafes and restaurants in conservation shophouses in the CBD for example in the Duxton, Keong Saik and Gemmill Lane locales, for instance, in the past four or five years.”

Currently, approval from the Urban Redevelopment Authority (URA) for “eating houses”, the planning term for F&B use, is granted on Temporary Permission of one to three years.

However, Mr Monteiro cautions that “that there may come a time when, to maintain a mix of trades in the conservation districts, URA may limit approvals for F&B use in shophouses even in the CBD”. This could potentially cause a reversal of interest in commmercial shophouses, he added.

Another reason for thinning of shophouse transactions is that some property investors have been moving away from the Singapore scene in search of higher yields, say agents.

Still, Singapore shophouses have their attractions. “Funds and UHNW investors, mainly foreigners, are among the buyers,” said Mr Monteiro. Investors switching from the residential segment, which has been hit by cooling measures, also find commercial shophouses an attractive alternative. There are no restrictions on foreign ownership of shophouses on sites fully zoned commercial.

Ms Sai points out that despite the already sharp price appreciation, a shophouse investor paying, say, S$2,500 to S$2,800 psf on GFA in the CBD will feel comforted knowing that it is still cheaper than the S$3,000-4,000 psf on average for new strata retail units in city-fringe locations and at least S$3,000 psf for new strata offices in the financial district.

Agents say that prices of shophouses in districts 1 and 2 will continue to be supported by the fact that they are mostly well located – in the business district and near an MRT station.

There is also an increase in demand from end-users looking to buy and occupy a shophouse for their own business instead of leasing it out, said CBRE’s Ms Lim. “These properties are a limited-edition asset class as they are designed with a distinctive facade, possess a unique charm and are steeped in history. Shophouses will continue to be highly sought after. Transaction values and volumes are projected to increase about 10 per cent in 2015.”

Ms Sai too expects the pricing outlook for districts 1 and 2 shophouses to remain resilient next year. “But other areas including Little India (District 8) and non-central locations may succumb to the impact of TDSR and the economic situation.”


BT Outlook 2015: Further declines predicted for private home prices and rents next year

PRICES of private condos could drop by another 5-10 per cent next year, as it looks unlikely that the measures designed to cool down the property market would be tweaked or lifted soon.

But so far, developers have refrained from making major price cuts, preferring to sell the better units at higher margins while progressively adjusting prices down to clear the remaining stock over the course of the construction period.

In the first 10 months of this year, developers sold 7,449 units in private condos and executive condos – less than half the 18,927 sold last year, and the lowest since 2008’s 4,435, said the URA.

As at last Friday, Hong Leong Group had sold 1,370 residential units here worth more than S$1.4 billion; these were mainly in Coco Palms, Jewel@Buangkok, The Venue Shoppes & Residences, Commonwealth Towers and Bartley Ridge. Frasers Centrepoint Limited (FCL) sold 217 residential units worth S$270 million as at Dec 7, including its joint venture projects and a good-class bungalow; the figure pales in comparison to last year’s, when it sold 575 units worth S$556 million.

Non-core central regions are likely to hold up better next year. New project launches in the pipeline include GuocoLand’s Sims Urban Oasis in Aljunied, CapitaLand’s Marine Blue in Marine Parade, Hoi Hup’s Sophia Hills in Dhoby Ghaut and EL Development’s Symphony Suites in Yishun.

Add to this the fact that developers have beefed up their earnings resilience over the years, having diversified beyond the residential segment and outside of Singapore.

FCL, for one, has taken steps over a decade to spread its growth across asset classes and geographies. Following its acquisition of Australand, the company now holds 60 per cent of its assets outside Singapore. The office and hotel sectors have emerged “shining stars” for the Hong Leong group, which is now pursuing its overseas platforms and developing funds management products as planned.

Meanwhile, the residential market “has to battle headwinds as sentiment remains subdued, with little signs of the property curbs being tweaked or removed in the near term”. Standard Chartered Bank analysts note that unsold units with pre-requisites for sale this year reached a 20-year peak of 23,000 units. Completed but unsold units reached 1,488, against an average of 800 units in the past seven years.

Noting that developers have bought land this year that could yield 10,500 residential units, the analysts said that developers could buy land enough for between 6,000 and 6,500 units through the GLS programme in H1 2015 – a level still deemed too high. A looming supply glut is also expected to hit the rental market hard, with older units likely to be worst-hit. Some market watchers have flagged a “supply shock” that would trigger higher vacancies and compress rental yields.

The leasing market in the core central region (CCR) and outside central region (OCR) could be more challenging next year. While tighter housing budgets of expatriates have put a cap on leasing demand for more expensive units in the CCR, the huge incoming supply in the OCR (where 59 per cent of 64,000 units are under construction) will heighten competition for tenants in that region.

Hiap Hoe sells entire condo to parent firm

A downbeat property market has led to the sale of a high-end condominium project at a lower price.

Developer Hiap Hoe is selling its entire luxury condominium in Balmoral area near Orchard Road to its controlling shareholder Hiap Hoe Holdings.

The latter, which owns 69.85 per cent of mainboard-listed Hiap Hoe, is buying all 48 units of Treasure on Balmoral for $185 million or about $1,789 per square foot for the 103,439 sq ft strata area development.

Hiap Hoe said in a statement that its attempts to sell the units have been made even more challenging by the several rounds of cooling measures introduced by the Singapore government which have dampened the local property market.

- See more at: http://www.straitstimes.com/news/business/companies/story/hiap-hoe-sells-treasure-balmoral-controlling-shareholder-185m-20141208#sthash.y7UpygYi.dpuf

Treasure on Balmoral

Analysts expect two commercial sites to be triggered for tender in 2015

With the Government cutting the supply of commercial space, analysts said they expect two commercial sites to be triggered for tender next year. They have been placed for sale on the Reserve List under the Government Land Sales (GLS) Programme for first half of 2015.

The two sites comprise the mixed-use site at Woodlands Square and a white site located at Marina View/Union Street.

Under the Reserve List system, a site will only be put up for tender if the minimum bid price submitted by the interested party is acceptable to the Government. There are no commercial sites on the Confirmed List for the first half of 2015 under the GLS.

Sites included in the GLS for the first half of 2015 could potentially yield 265,130 square metres of commercial space – a cut of 25 per cent from the previous exercise.

All four sites were placed on the Reserve List, suggesting that the Government is monitoring the supply pipeline.

The supply of office space has been limited this year and will likely remain so next year. But analysts expect over three million square feet of office space to come on-stream between 2016 and 2018.

The four sites with commercial component under the upcoming GLS are located at Holland Road, Beach Road, Woodlands Square and Marina View/Union Street.


Consultancy Colliers International said that of the four, the mixed-development site at Woodlands Square could be the first to be triggered for sale, and it could help spur the development of the Woodlands Regional Centre, which is relatively under-developed compared to other regional hubs like Tampines and Jurong East.

According to the Urban Redevelopment Authority (URA), the plot could yield 285 residential units and 60,030 square metres of commercial space.

Ms Chia Siew Chuin, director of research and advisory at Colliers International, said: “The site in Woodlands is likely to be triggered first, given the growth potential for the area and because it is more likely to be a straight forward open tender system should it be triggered.”

“The Holland site is likely going to be more complicated because of the concept and price tender system, where the concept comes first, then the price. The development would have to be in line with the vision the Government has for the district as a whole,” she added.

The mixed-development site at Holland Road was moved from the Confirmed List to the Reserve List for the upcoming GLS to give developers more time to study the site and tender evaluation criteria.


Meanwhile, market watchers CBRE and Barclays expect the site at Marina Bay to also attract interest.

Mr Desmond Sim, head of research for Southeast Asia at CBRE Research, said: “This site is definitely on the wishlist or trigger list for quite a few developers, but I think the market is holding back.

“There may be more confidence now because … before the first half list came out, some of the market watchers were afraid that if they trigger it before the list came out, then there may be a better site in Marina Bay listed.”

In a report issued on Monday (Dec 8), Barclays added that the tight supply should be positive for CBD prime office Real Estate Investment Trusts.

Given the supply situation, analysts said they expect office rentals to have risen by more than 10 per cent this year.


Boom in real estate volumes expected in 2015

The number of real estate transactions in Asia will grow substantially next year, according to Collier International’s Asia Property Outlook 2015.

This is because pent-up demand from investors will be gradually satisfied by a growing volume of new supply anticipated in 2015, said Mr Dennis Yeo, Interim Chief Executive Officer (Asia) of Colliers International.

Besides new stock, there will also be more willing sellers of institutional-grade real estate because “considerably more” real estate funds will expire in 2015, Colliers said in a news release on Tuesday (Dec 9).

Globally, investors have also re-examined their allocations and are set to devote more capital to Asia, Colliers added.

However, Colliers said conditions will be tougher for Asian investors to put their money to work. One challenge is the narrowing of the gap between yields in Asia and in overseas markets.


According to Collier’s report, the capital, office and retail markets in Singapore are expected to grow and remain stable for the next year. The local industrial sector, however, is expected to slow down in 2015.

Ms Chia Siew Chuin, Director of Research and Advisory of Colliers International, attributed this trend to new government measures and policies that continue to filter through the market.

She raised the example of JTC’s revised sub-letting policy and other earlier policy changes which are expected to slow down en bloc sale transactions of properties built on JTC land, as well as to increase the difficulty in executing Sale and Leaseback transactions.

These “could hurt the rents and yields achievable by third-party facility providers in the medium term,” said Ms Chia.


Singapore ranks 37th most expensive city ahead of Tokyo

The Republic ranked as the 37th most expensive city out of 150 cities, in an international survey on accommodation costs conducted by a Berlin-based travel search website for Europe.

According to GoEuro.com’s 2014 Accommodation Price Index, New York is the most expensive overall while Albania is the least expensive. Asian cities Macau and Hong Kong ranked higher than Singapore at third and 15th place respectively, while Tokyo followed right after at 38th place.

The price index study covered 150 cities and over 60,000 properties, to understand the effect of new trends in accommodation on the hotel industry, the website said in a media statement on Tuesday (Dec 9).

It added that the increasing popularity of online community Airbnb and the continued growth of the hostel industry are now important factors for travellers considering where to spend the night. Singapore ranked 30th most expensive for an Airbnb property.


Five places in Singapore where you can buy wholesale goods

SINGAPORE – Supermarket chain FairPrice has opened a members-only mega retail store where they can buy items in larger packaging at discounts of up to 20 per cent.

Warehouse Club, the two-storey store at the FairPrice Hub in Joo Koon stocks more than 4,000 products, including groceries, fresh and frozen food, electronics, household goods and health and beauty products.

Here are other places where products can be bought in bulk at lower prices:

1. Pasir Panjang Wholesale Centre

Workers loading and unloading produce at the fruit and vegetable section in the Pasir Panjang Wholesale Centre.

Opened in 1983 to centralise the distribution of fruit, vegetables and dried goods, the wholesale centre attracts both retailers and consumers alike. The 26-block complex which is about 20 football fields in size, houses some 1,405 stalls, shops, offices and cold rooms. The site has its own canteen and an auction hall where hundreds of wet market vendors and restaurant owners bid for the freshest groceries in the wee hours.

2. Allswell Marketing in Geylang Road

Lily Loy (left) and her daughter Jenny Loy, business manager of Allswell Marketing in Geylang Road, supply seafood to restaurants and hotels.

The live seafood market, which supplies big-name seafood restaurants and high-end hotels, sells live seafood such as Alaskan King Crabs, Tasmanian King Crabs, bull frogs, clams and prawns.

3. Toa Payoh’s vegetable wholesale night market

At night, trucks drive into a little street in Lorong 7 Toa Payoh, transforming the area into a makeshift vegetable wholesale centre.

For at least 30 years, this makeshift open-air market has been selling vegetables from Malaysia in bulk.The night market opens for business one-and-a-half hours before midnight and has served as a kind of satellite market to the Pasir Panjang Wholesale Centre. The market, which has about 10 stalls, is open six days a week from around 11pm to 6.30am. It is closed on Sundays.

4. Fassler Gourmet at Woodlands

A quiet industrial estate in sleepy Woodlands has been transformed into a bustling shopping hotspot among bargain hunters.

The wholesaler produces over 200 freshly made seafood products including smoked salmon, smoked tuna and smoked trout. Located at Woodlands Terrace, the store is open from Mondays to Fridays from 8am to 5pm and on Saturdays from 8am to 1pm.

5. Victoria Wholesale Centre at Kallang Avenue

Victoria Wholesale Centre moved from Bugis to Kallang Avenue almost two years ago.

The wholesale centre sells mainly groceries and dried provision ranging from dried fish stomach and dried Chinese sausages to almonds and tidbits. Housing 41 units in total, a few tenants also deal in party and catering paraphernalia, fabric, hardware and household items, among others.

- See more at: http://www.straitstimes.com/news/singapore/more-singapore-stories/story/five-places-singapore-where-you-can-buy-wholesale-goods-#xtor=CS1-10

Prime Waterfront Homes and Living in Singapore


Get every new post delivered to your Inbox.

Join 2,206 other followers