Category Archives: Retail

FREEHOLD 2-STOREY SHOP-HOUSE FOR SALE @ NORTHBRIDGE ROAD (BUGIS/LAVENDER) – S$6 MIL

north bridge road shp

An investment choice located in District 7-Kampong Glam area. Along North Bridge Road, is within 10 minutes walk to three MRT stations: Bugis, Lavender and Nicoll Highway MRT Stations. Sale with Tenancy till 2017. Ride the wave of the development of the area (Bugis/Beach Road/Rochor). Sale price at $6M negotiable.

For more details, kindly contact David King, +65 97442121.

 

TOP 5 MOST EXPENSIVE SHOPHOUSES SOLD by $PSF IN DISTRICT 7 & 8 FOR 2014 (8 Mths)

No.1 Bali Lane (S$6,217psf)

Bali lane2

Highest $psf sold: S$6,217psf
Transacted $ per unit: S$4,450,000
Tenure: 999 yrs from 1833
Land Square Feet per unit sold: 716 sf

No. 2 Arab Street (S$5,972psf)

arab st

Highest $psf sold: S$5,972
Transacted $ per unit: S$4,380,000
Tenure: 999 yrs from 1827
Land Square Feet per unit sold: 720 sf
No.3 Serangoon Rd (S$4,826psf)

serangoon rd

Highest $psf sold: S$4,826
Transacted $ per unit: S$6,800,000
Tenure: 999 yrs frm 1995
Land Square Feet per unit sold: 1,409 sf
No.4 Syed Alwi Rd (S$4,363psf)

Syed Alwi Road

 

 

 

Highest $psf sold: S$4,363
Transacted $ per unit: S$3,800,000
Tenure: FreeHold
Land Square Feet per unit sold: 875 sf

No.5 Jalan Besar (S$4,111psf)

Jalan_Besar

 

 

 

 

Highest $psf sold: S$4,111
Transacted $ per unit: S$8,000,000
Tenure: FreeHold
Land Square Feet per unit sold: 1,946 sf

DC rates for condo falls while that for commercial land rose

Development charges – the rates developers pay the Government to enhance land use – have fallen for the first time in almost 18 months for residential sites earmarked for non-landed homes such as condominiums.

However, these rates shot up for commercial land, places of worship, civic institutions, as well as hotels and hospitals.

Development charges, which can be a significant cost in a redevelopment, are revised after regular half-yearly reviews based on land prices and market deals.

They fell by an average of 2 per cent for non-landed homes, on the back of flagging property sales since the start of the year. The new fees were released by the Urban Redevelopment Authority (URA) yesterday.

They are applied when the value of a site goes up because of a re-zoning or when a taller building can be erected after a change in the site’s plot ratio.

Consultants said they expected the dip in the rates for non-landed residential plots, given the 2.1 per cent slip in the official residential price index in the first half of the year.

Bids for land sold under the Government Land Sales programme have also been conservative, noted Ms Chia Siew Chuin, director of research and advisory at Colliers International, unless the plot is in a popular area.

Moreover, the collective sale market has screeched to a halt this year, she said.

However, the dip in development charges is not expected to boost the acquisition of land significantly, because the risk of shrinking profits from falling property prices is still far greater, noted Mr Nicholas Mak, research head at SLP International.

This was because “the reduction in the development charge rate would only increase the developer’s return on investment of the residential project by 1 per cent, assuming all other factors remain unchanged”.

Non-landed residential plots in Prince Charles Crescent, Alexandra Road, Tanglin Road, Henderson Road, Depot Road and the Telok Blangah area recorded the sharpest dips of 5 per cent.

On the other hand, experts were surprised by the 9 per cent hike in fees for land slated for hotels, hospitals, places of worship and civic institutions – the highest average across all segments.

After all, hotel deals this year have paled in comparison with the “landmark year of transactions” last year, said Dr Chua Yang Liang, head of research Southeast Asia at Jones Lang LaSalle (JLL).

The increase in charges for land for places of worship and civic institutions was also the first hike in five years, JLL noted.

“We believe that the upward revision in both (categories) is for the overall harmonisation of development charge rates with other use groups,” said Dr Chua.

For the commercial sector, charges rose by an average of 2 per cent, with the highest increases in places such as Balestier Road, Thomson Road and the Novena area.

This was largely thanks to the uptick in strata-sales activity at Balestier towers, Dr Chua added. Construction group Low Keng Huat, for instance, had in July forked out about $64 million for 36 units at the mixed-use project in Balestier Road.

The rates were unchanged for landed residential and industrial sites.

Though there were transactions for industrial land in the review period which showed that development charge rates were “trailing behind land prices”, there were also plots of industrial land being sold for less than the land value imputed by the development charge for the area, said Ms Chia.

For instance, the highest bid for a plot in Tuas South Avenue 7 was 22.7 per cent lower than the land value imputed by its development charge.

The new development charges will take effect on Monday.

– See more at: http://business.asiaone.com/news/development-charges-condos-fall#sthash.l5XBjpPj.dpuf

Opening of Malaysia Agrobazaar outlet in Kampong Glam

http://www.channelnewsasia.com/news/singapore/pm-lee-and-pm-najib-open/1332710.html

Prime Minister Lee Hsien Loong says the friendship between Singapore and Malaysia needs to be continually nurtured and tended to. Speaking at the opening of the Agrobazaar Malaysia outlet on Wednesday (Aug 27), Mr Lee said this will ensure that success will blossom along the way.

The outlet, located in Sultan Gate off Beach Road, is an agricultural-based business that promotes Malaysian fruit and products to the overseas market. Mr Lee said the Agrobazaar is one example of what cooperation between Singapore and Malaysia can deliver, as both countries move their ties forward. He also said the Agrobazaar is “something more than food” and reflects the close economic ties between the two countries, as well as their shared culture and long friendship.

Mr Lee also said he looks forward to deeper interactions between the people of Singapore and Malaysia in the coming years. The building of the Rapid Transit System (RTS) link between Johor Bahru and Singapore, as well as the high-speed rail between Kuala Lumpur and Singapore, are expected to improve the flow of goods and people across borders.

However, Mr Lee said that with such close interactions between the two countries, issues can be expected to arise from time to time.

“But I believe if we keep the lines of communication open, not just between the leaders, but also between ministers and senior officials and their counterparts, then we can manage anything which comes along, and this is the way to maintain and enhance mutual understanding, trust and respect, and continue to make progress on existing as well as new areas of cooperation,” Mr Lee said.

Prime Minister Najib Razak also said the the Agrobazaar is a testament to the strong and enduring relationship between Singapore and Malaysia. He explained that the Agrobazaar is a launch pad for Malaysian producers to access new international markets. “Yes, we have historic cities; yes, we have idyllic beaches and of course, we have the twin towers, but our rambutan and mangosteen, and above all – durian, really pull in the crowds,” he said.

Mr Najib also presented Prime Minister Lee with a basket of musang king durians and an oil painting of them enjoying the fruit during Mr Lee’s recent visit to Malaysia.

A fifth of Malaysia’s agrofood products, worth more than US$1 billion, is exported to Singapore annually. Mr Najib is confident that the numbers will grow, based on the good cooperation at the Agrobazaar.

During Mr Najib’s visit in Singapore, he also took the opportunity to see the Singapore Sports Hub – one of the country’s newest developments. Mr Najib posted a photo on Facebook, saying “Malaysia and Singapore have always enjoyed a healthy competitive spirit when it comes to football and we just couldn’t resist kicking a ball around”.

Best-Selling Commercial Units in Districts 7 and 8 for the 1st Half of 2014

No.1 ARC 380 (32 units sold)

ARC 380

 

Location: 380 JLN BESAR

Units sold: 32 units (31 OFFICES, 1 SHOP)

$Psf sold: S$2,366 – S$5,880

Transacted $ per unit: S$1,695,700 – $6,468,700

Tenure: FreeHold

Average Floor Square Feet per unit sold: 971psf (334psf – 2,734 psf)

Arc 380 consists of 144 strata titled office units and 23 strata titled retail shops of freehold tenure. As the rare Freehold Offices/Shop @ Jalan Besar. Arc 380 is strategically located in a prime location with constant flow of both human and vehicular traffic in huge volumes. Bendemeer MRT (Downtown Line) will be within minutes walk.

No.2 SUNSHINE PLAZA (11 units sold)

sunshine plaza

Location: 91 BENCOOLEN ST

Units sold: 11 units (7 OFFICES, 4 SHOPS)

$Psf sold: S$1,867 – S$4,919

Transacted $ per unit: S$1,120,000 – $2,277,000

Tenure: 99 YEARS FROM 19-MAR-1997

Average Floor Square Feet per unit sold: 577psf (248psf – 1098 psf)

Sunshine Plaza is a 99-year Leasehold commercial property located at 91, Bencoolen Street, 189652 in District 07. Sunshine Plaza is primarily used for Office rental and sale. Sunshine Plaza is close to Bras Basah MRT (CC2) and Bugis MRT (EW12). It is near to several bus stops located at Middle Road, Opp Prime Centre – 07571, Bencoolen Street, Aft Prinsep Link – 04029, Bencoolen Street, Fortune Centre – 07518 and Selegie Road, Peace Centre – 07011.

 

No.3 THE PLAZA (7 units sold)

SAMSUNG CSC

SAMSUNG CSC

 

Location: 7500A BEACH RD

Units sold: 7 units (7 OFFICES)

$Psf sold: S$1,649 – S$1,991

Transacted $ per unit: S$658,000 – $1,438,000

Tenure: 99 yrs from 03-SEP-1968

Average Floor Square Feet per unit sold: 527psf (334psf – 872 psf)

The Plaza is a 99-year Leasehold commercial property located at 7500, Beach Road, 199591 in District 07. The Plaza is primarily used for Office rental and sale. The Plaza is close to Nicoll Highway MRT (CC5), Bugis MRT (EW12) and Promenade MRT (CC4). It is near to several bus stops located at Beach Road, Plaza Parkroyal – 01529, Beach Road, Opp Plaza Parkroyal – 01521, Beach Road, The Gateway – 01519 and Beach Road, Opp The Gateway – 01511

No.4 GOLDEN MILE COMPLEX (5 units sold)

Golden_Mile

Location: 5001 BEACH RD

Units sold: 5 units (4 OFFICES, 1 SHOPS)

$Psf sold: S$905– S$1,408

Transacted $ per unit: S$180,000 – $1,750,000

Tenure: 99 yrs from 04-AUG-1969

Average Floor Square Feet per unit sold: 607 psf (183 psf – 1281 psf)

Golden Mile Complex  is a high-rise commercial and residential building on Beach Road in Kallang, Singapore. The building was formerly known as Woh Hup Complex. The complex has 411 shops and 500 parking places.

Golden Mile Complex is primarily used for Office space rent and sale. Golden Mile Complex is close to Nicoll Highway MRT Station (CC5), Bugis MRT Station (EW12) and Lavender MRT Station (EW11). It is near to several bus stops located at Golden Landmark, Beach Road – 01429, opposite Golden Mile Complex – 01421 and at St.John Headquarters – 014119

Suntec City starts drawing crowds after a new look

Business has picked up for several restaurants and shops at Suntec City, as its $410 million makeover enters the final phase of a 21/2 year revamp.

Sales for eight eateries and stores in the mall’s new West Atrium and near the Fountain of Wealth have risen by about 10 per cent to 20 per cent in the first half of the year.

Among them are mid-range Western restaurants Peperoni Pizzeria and L’Entrecote, and Muthu’s Curry, an old-timer at the mall since 2006.

Said Muthu’s Curry’s director of operations, Mr Srinivasan Ayyakkannu, 36: “We suffered a massive drop in sales of about 35 per cent during the six-month renovation period from end 2012 to May last year. But our customers have certainly increased now.

“Before the renovations, our 120-seater restaurant would be only one quarter full during dinner time on weekdays. Now, we have 160 seats which are at least three quarters occupied.”

When The Straits Times visited the mall last weekend, queues of about 10 people were spotted at restaurants such as Din Tai Fung and Ramen Dining Keisuke Tokyo in the West Atrium. There were also long queues at the eateries near the Fountain of Wealth. The walkways in both areas were crowded with families and young people.

Tenants in the area estimated that the mall’s foot fall has risen by about 20 per cent this year compared to last year.

Suntec City Mall and its convention centre have been undergoing renovations in three phases since June 2012.

The West Atrium, which opened in June last year, fell under Phase 1. It features F&B outlets and high street fashion brands like H&M and Uniqlo.

Phase 2 in the East Atrium, which opened two months ago and focuses on entertainment, includes a karaoke outlet, an indoor playground and Toys ‘R’ Us. A Golden Village multiplex with 11 screens will open there in November.

The final stage of the revamp is slated for completion by the end of this year. While the mall has yet to announce the line-up of tenants for this phase, most of the shops will be flagship stores, said Ms Susan Sim, deputy chief executive of Suntec Reit, which owns Suntec City Mall. They will include brands that are new to the Singapore market.

Despite the larger crowd, however, some businesses did not make it.

Two high-end restaurants, Oushin Steakhouse by the Akashi Group and Le by the Paradise Group, both located in the West Atrium, closed in April and July, respectively.

One reason for their closures could be the inability to attract their target clientele as they were located among mid-range restaurants and shops, said retail expert Samuel Tan, course manager for retail management at Temasek Polytechnic.

Stores near the middle of the mall between Office Towers 1 and 2, which has been hoarded up for the last phase of the revamp since February, are also not getting the foot fall or sales they expected.

Adore Cosmetics said foot traffic to its store has fallen by up to 50 per cent since the renovation started.

On tenants’ request for more advertising and promotion (A&P) events, Suntec Reit’s Ms Sim said that the management’s A&P efforts have been strategically focused based on tenant mix so far.

Meanwhile, some retailers are doing their own promotions. Said The Travel Store marketing manager Embre Kew: “Our store has been doing okay so far, but we plan to come up with our own marketing activities and collaborate with other tenants related to attractions and travel by the end of this year.”

Since the completion of the first two phases of upgrading, Suntec City Mall has had a committed occupancy rate of 97.6 per cent, with about 220 tenants. The number will go up to about 300 when the mall is fully open by early next year.

– See more at: http://news.asiaone.com/news/singapore/new-look-suntec-city-starts-drawing-crowds#sthash.Et4RJ6V4.dpuf

Property Investors now look increasingly to Office and Retail Segments

http://www.businesstimes.com.sg/premium/singapore/office-retail-segments-lure-investors-20140813

LED by rising rents and limited supply in the near-term, investment activities are expected to hold up for office and retail space. The absence of additional buyer’s stamp duty (ABSD) and seller’s stamp duty (SSD) in the commercial space is also making this segment more appealing to investors.

Knight Frank executive director Mary Sai noted that the Singapore retail and office markets are among top picks in Asia for foreign investors, who face heftier ABSD than locals in the residential market.

“Robust economic growth, stable government, low unemployment, strength of Singapore dollars, are some compelling pull factors for foreign investors in our commercial properties,” she said at the National Real Estate Congress yesterday.

“Another reason why people move over to commercial property is because the absolute sum of capital to be paid is affordable,” Ms Sai added, citing the example of Alexandra Central, which had 43 per cent of transactions below S$1 million. The project that was launched in January last year had 98.3 per cent of strata-titled retail space sold out within one day.

Central Area Masterplan

A video that summarises the development plans for the Central Area of Singapore!

Kampong Glam: A New Living Heritage

Kampong Glam is known as a cultural and historical zone. The area covers from Beach Road and Crawford Street (North Bridge Road) to Rochor and Selegie. It is also well known for its conservation area, especially for the conservation shophouses which are mostly used for commercial purposes.

Besides commercial, residential areas are also plentiful in the district. It has been observed that Kampong Glam’s investment outlook for the mid to long term will be boosted by plans to develop Beach Road as well as the Ophir-Rochor area into a district of mixed-use projects.

 pic1

pic2

 

 Getting around:

Kampong Glam is accessible by the Bugis and Lavender MRT stations on the East-West Line, as well as Nicoll Highway MRT on the Circle Line. The upcoming Jalan Besar MRT station on the Downtown Line is also nearby.

Shopping malls such as Bugis Junction and Bugis+ is also nearby. Conservation shophouses converted to commercial uses is also a common sight around Kampong Glam.

Boutique hotels such as The Sultan Hotel nestled right in the heart of culturally vibrant Kampong Glam. Additionally, the eclectic mix of uses for the premises in the area, including retail, F&B and the Aliwal Arts Centre, has brought a new lease of life to the area.

Seletar Mall set to open in Nov

Media and property group Singapore Press Holdings (SPH) held a topping-up ceremony for its latest retail property development on Friday.

The four-storey Seletar Mall, which is a joint venture between SPH and United Engineers Developments, is expected to open in November and will cater mainly to young families. The mall also has two basement levels of retail.

The mall, which is near Fernvale LRT station, has a gross floor area of 284,000 sq ft and net lettable area of 188,000 sq ft, and is now over 90 per cent leased.

Major tenants will include Japanese casual clothing company Uniqlo, departmental store BHG and fitness centre Amore Fitness, while FairPrice Finest, Shaw Theatres and Foodfare will be anchor tenants.

– See more at: http://www.straitstimes.com/news/business/property/story/seletar-mall-open-november-new-mall-will-cater-young-families-20140725#sthash.22mBnDzM.dpuf