Category Archives: Heritage

9999 years heritage home for only $1.55M @ Farrer Park vicinity

Rare walkup apartment that contains memories of distant past. Looking to own an heritage home? With Collective sale potential! Call David King @ 9477-2121for more details

Accessibility (Location) : Joo Avenue (Walking distance to Farrer Park MRT and City Square Shopping Mall.
Budget: S$ 1.56M for almost Freehold space.
Capacity/Size: 1700 sqft   |  3+1+1 Beds   |  4 baths
Date of Availablity: Competitive offers are coming. Please hurry to secure your chance for great value!

http://www.sgbayhomes.com/20466444

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Sime Darby Centre for sale

Blackstone Group plans to sell Sime Darby Centre in Bukit Timah, one of the office and retail assets it acquired last year from Malaysian palm-oil producer Sime Darby Berhad, according to people familiar with the matter.

Located in an ageing commercial block along Dunearn Road and directly in front of King Albert Park MRT station, Sime Darby Centre houses tenants like kitchenware retailer ToTT, Scanteak, Cold Storage and ChildFirst pre-school. The block consists of builtup area of 250,000 sq ft — 80 per cent is office space and the rest is retail. The development sits on freehold and 999-year leasehold land parcels zoned for commercial use and with 1.8 plot ratio.

Blackstone owns a 70 per cent stake in the Sime Darby Centre and Sime owns the rest. The conglomerate, Malaysia’s biggest listed palm-oil producer, sold some property assets in Australia and Singapore to help pare debt.

The site could attract bids from large and mid-sized Singapore developers including Far East Organization, City Developments, Frasers Centrepoint and United Industrial Corp.

The New York-based private equity firm expects to fetch about S$300 million for Sime Darby Centre, which it bought for just under S$200 million last year. Blackstone in May acquired a majority stake in three Singapore property assets, including the Sime Darby Centre, in a deal that valued them at about S$300 million.

Blackstone, which manages more than US$100 billion (S$140 billion) in real estate assets worldwide, in the past has bought residential apartment blocks in Singapore’s prime area.

Shophouses in the vogue again among investors

Investment in Singapore shophouses has stabilised and shows signs of picking up after taking a hit following the introduction of a loan curb in 2013. Total transaction value has been rising in the past two years even though the number of caveats lodged remained fairly steady at just over 100 a year.

Transaction value rose by about 7.6 per cent to $707.07 million last year, from $657.3 million in 2015. Demand for shophouses fell off a cliff in 2014, after the imposition of the total debt servicing ratio (TDSR) framework at the end of June 2013.

Three adjoining 999-year tenure shophouses in Amoy Street in Tanjong Pagar were recently acquired by an institutional fund for $59.6 million, or about $2,500 per sq ft, based on the floor area. In another deal, a family office bought a shophouse at 54 Boat Quay for $12.9 million or about $2,985 psf on the floor area.

Office properties, seen as a proxy for shophouses, have faced challenging leasing environment as a deluge of new office buildings weighed on rents in recent years. The average rental yield for shophouses ranges from 2.5 to 3.5 per cent, depending on the tenure of the asset.

Heritage building affected by the new Tunnel along NSC

Part of a 1924 building at the edge of Selegie Road will be demolished, and later rebuilt, to make way for the construction of the North- South Corridor. This is despite the Ellison Building’s status as a conserved structure gazetted by the Urban Redevelopment Authority (URA). Three of the building’s 16 two- storey units will be torn down. The affected units – 235, 237 and 239 – currently occupied by a mama shop, Colonial Bistro Cafe and part of a fruit shop, are along the building’s curved facade.

The Land Transport Authority (LTA) will reconstruct and reinstate the affected part of the government-owned building to its original architectural design, under the URA’s guidance, once construction of the tunnel is completed in 2026.

The Ellison Building was built in 1924 by Isaac Ellison, a Romanian Jew. It could have been built for his wife Flora, a Baghdadi Jewish woman from Rangoon, the former capital of Myanmar.
The building has two domes and balconies. The Star of David, the Ellison name and its date of construction still sit proudly atop the relatively rundown building. Lying at the foot of the Mount Sophia conservation area, it is located within the former Jewish quarters. Some records also indicate that the building had been sold to the Government in the late 1980s.The new expressway needs to be as straight as possible to accommodate higher speeds. It said acquisitions along the route, including Rochor Centre, were necessary because of the highly built up area that includes Bukit Timah Road and Rochor Canal.

Construction of the 21.5km underground corridor is expected to take place progressively from next year.

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Shophouse for rent at Prinsep/Dhoby Ghaut area

Prime location at famous chillout place, at the Dhoby Ghaut/Bras Basah vicinity. 2600-4500 sqft. Rental @ $30K onwards. Suitable for F&B, pub and restaurant space. Call David @ 94772121  for more details.

http://www.sgbayhomes.com/19322258

Prinsep Street

Villas at Somerset area

Went to an Open house at Brentwood Villa and Villa Madeleine this week. There are beautiful houses right at the periphery of Orchard area. Convenience is definitely is an understatement. The interiors were also luxurious. At 2300sqft of luxury living space right in the prestigious district of district 9 it is only at $10k per month ie slightly over $4psf. A bigger house at Villa Madeleine that is twice the size is available for only $15.2k. That’s only $3.7psf.

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Dempsey gets a new lifestyle quarter

Tanglin Village started out in the 1860s as army barracks. In the 1990s, it became known for its furniture shops. After the turn of the century came upmarket restaurants such as PS. Cafe, as well as art galleries.

Now, Tanglin Village is undergoing a makeover and is getting Dover Street Market a well-known multi-label fashion store in  a new lifestyle quarter.

Chang Korean BBQ Restaurant and antique store Shang Antique – will move out when their leases expire on Feb 29, to make way for the new tenant.

Como Dempsey, a complex housing Dover Street Market, is an edgy concept store conceived by Comme des Garcons’ Rei Kawakubo, and a specially conceptualised restaurant and bar by renowned French restaurateur Jean-Georges Vongerichten. The 5,268 sq m site, comprising blocks 17 and 18, will also have a new dining concept offering signature dishes from around the world. Popular local Peranakan restaurant Candlenut has been included in the proposal.

The new project is expected to “significantly contribute to creating and sustaining the vibrant Dempsey atmosphere and Singapore’s tourism scene”, said Ms Ranita Sundramoorthy, STB’s director of attractions, dining and retail.
Como Lifestyle offered to pay a monthly rent of $106,300 for an initial lease term of three years, renewable up till Dec 31, 2022.
The debut of “Como Dempsey” will mark the latest chapter in the area’s transformation.
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