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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Wilkie Edge sold to Lian Beng and Apricot Capital

Located at the junction of Wilkie Road and Selegie Road, Wilkie Edge is a leasehold 12-storey development comprising office and retail units as well as a serviced residence, Citadines Mount Sophia Singapore. It has 88 years left on the lease. The mixed-use commercial and residential building located near Little India, is being sold for S$280 million — works out to a price of S$1,812 per square foot (psf) based on the building’s net lettable area, and a price of S$1,299 psf based on gross floor area.

Lian Beng Group and Apricot Capital, the private investment firm of Super Group’s Teo family, have agreed to acquire Wilkie Edge from CapitaLand Commercial Trust (CCT).

The sale is expected to be completed in September. The sale consideration is 39.3 % above Wilkie Edge’s valuation of S$201 million or S$1,301 psf as at Dec 31, and 53.3 % higher than its original purchase price of S$182.7 million in 2008.

Beach Road site with former Police Station going for public tender

A Beach Road commercial site hits the market on sale with some stiff competition expected. The 2ha plot can be developed for office and retail use, as well as hotel, service apartments and residential options. The reserve list site was put up for sale by public tender by the Urban Redevelopment Authority after a developer committed to bid at least $1.138 billion for the 99-year leasehold parcel.Under the reserve list system, a site goes up for tender when a developer lodges an acceptable minimum bid.

The URA says the plot, which will have a maximum permissible gross floor area of 88,313 sq m, includes the former Beach Road Police Station. At least 70 per cent or 61,820 sq m of the GFA must be for office use, while a maximum of 3,000 sq m can be use for retail. The Beach Road commercial site comes with the condition that the former station be conserved.

Keen competition for the site is expected from both local and foreign developers. The “trophy asset” developed on the Beach Road site could hit the market around 2022 – when there is limited supply of prime office space.

The Beach Road plot will have a maximum permissible gross floor area of 950,592 sq ft. At least 70 per cent – or 665,424 sq ft – must be used for offices, with a maximum of 32,292 sq ft for retail space.

Nearby South Beach was commanding “achievable rents of $9 per sq ft (psf)” – close to the average Marina Bay rent of $9.48 psf. Thus the winning bid is likely to be in the range of $1,400 to $1,700 psf per plot ratio (ppr), translating into a total bid quantum of $1.3 billion to $1.6 billion, and possibly match the $1,689 psf ppr paid for the Central Boulevard site.

The tenant profile of the commercial space in the area has evolved with the completion of mammoth mixed-use development Duo in Bugis and South Beach, a joint venture between CDL and Malaysia’s IOI Group. These have brought firms such as pharmaceutical group Sanofi, Rabobank and Mastercard into the area, he said, adding that the makeover of the Kampong Bugis area will also boost development.

https://www.ura.gov.sg/uol/land-sales-repository/sites-available/beach-rd-ma.aspx

Closing up the Circle Line starting in 2018

Advance preparatory works to make the Circle Line a complete loop, by joining HarbourFront station to Marina Bay station, have begun. Tenders for the civil works are expected to be awarded by the year end, and construction will begin in 2018Q1

The 4-km CCL6 line will close the loop for the CCL by connecting HarbourFront Station to Marina Bay Station. When the three CCL6 stations of Keppel, Cantonment and Prince Edward are completed in 2025, the CCL will have a total of 33 stations, including 12 interchange stations with other MRT lines.

Expanding the rail network to more areas such as the southern edge of the existing CBD, CCL6 will support direct east-west travel. Besides reaching new commuters, the extension will allow those travelling between the south-western and south-eastern ends of the line – such as from Pasir Panjang to Nicoll Highway – to have more direct and quicker access.

The stage is being set to build the three new stations that will complete the Circle Line. Keppel station will serve commuters at Keppel Distripark, while Cantonment station will be near Tanjong Pagar Railway Station and offer access to Spottiswoode Park Estate. The Prince Edward station will be near Palmer Road, where heritage landmarks are.

The extension will also serve part of the Greater Southern Waterfront, a massive mixed-used development that will commence once the Tanjong Pagar, Keppel and Brani port terminals are relocated to Tuas after their leases expire in 2027.

Preparatory works include relocating affected facilities at PSA Keppel Terminal for the construction of Keppel station, dismantling the platform canopy structures of Tanjong Pagar Railway Station and the relocation of Shenton Way Bus Terminal for the construction of Prince Edward station.

Middle Road Complex on sale again

THE Prospex, a retail and office building in the Middle Road near Bugis +, is back on the market, this time with an indicative guide price “in excess of S$70 million” — lower than the S$80 million asking price when the building was previously put up for sale in October 2015.

A price of S$70 million translates to S$2,081 per square foot (based on the total net lettable area (NLA) of 33,631 square feet) with a 99-year leasehold tenure with a balance term of about 57 years.

Located at the busy corner of Middle Road and Victoria Street and just a stone’s throw from Bugis MRT Station, The Prospex consists of a two-level retail podium (with 4,040 sq ft NLA) and seven levels of offices above (29,591 sq ft).

The building is about 85 per cent leased with the top floor and some units on the seventh floor still available for lease.

Prospex is being offered by Hong Kong and Singapore-based property fund manager Pamfleet, which bought the former Bright Chambers on the site at S$45 million in 2013 and made major additions and alteration works to the building to achieve its current modern look. The Prospex received a Temporary Occupation Permit in the first quarter of 2016.

Tenants in the building include: Shanghai-based Mellower Coffee (which occupies the entire two-level retail podium); 701 Search backed by SPH; and Zrii, an international nutrition company based in Utah.

As the property sits on land fully zoned for commercial use, foreigners may buy without regulatory approval . There is also no additional buyer’s stamp duty and seller’s stamp duty for such property.

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.

New office units for sale in Little India

Centrium Square, a development out of the former Serangoon Plaza in Serangoon Road, will be launched for sale expected to be held by end Feb 2016. The 19-storey freehold project consists of 231 strata units (143 office units, 39 medical suites and 49 retail shops). According to the marketing agent OrangeTee.com, 78 office units will be launched first. The sizes range from 570 to 1012 sqft. Indicative pricing is expected to be between $2600 – $2800 psf before an early bird discount. The retail units are not for sale, however.

Bencoolen Street gets lanes for pedestrians and cyclists

The redevelopment of Bencoolen Street involved converting a stretch of the road into a pedestrian path and cycling lane. This is a first time a major road is converted to walkers and cyclists. The stretch between Middle Road and Bras Basah Road for revamp was announced by the transport minister.

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

Verge sold to Tang Scion

In last week’s Straits Times, Verge, the Little India property near Tekka Centre, is being sold for $317 million to be redeveloped into a mixed project, including a mall and serviced apartments.

The buyer of The Verge, once called Tekka Mall, is Mr Keith Tang, chairman of privately held hospitality company Heritage Group, The Straits Times has learnt.

The buyer is the grandson of the late founder of Tangs department store, Mr Tang Choon Keng.The seller is Hicom Megah, a unit of Bursa Malaysia-listed DRB-Hicom, which owns 90 per cent of it. The other sellers are Little India’s retail giant, Mohamed Mustafa & Samsuddin, and B.I. Distributors. According to reports,  Mr Tang plans to redevelop the property into “Studio by Tang” serviced apartments, a mall and a “Signature” block which is likely to be offices or retail spaces. It will be his first commercial property here. This is in line with his Heritage Group chain’s intention to expand its hospitality portfolio, he said.

The property has almost 80 years left on its lease and outline planning permission has already been obtained.