Category Archives: Rochor-Kallang

Rochor River, Rochor Bugis, Kallang River, Little India, Jalan Besar

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.

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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

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.

Sultan Plaza Office for rent

Office for rent at Jalan Sultan area. Cheap and convenient. Only S$ 1,881 / month   @S$ 3.80 psf. Size is 495 sqft (45.99 sqm)  

Facing concourse. Good frontage. Useful for shop/office. Immediate. Amenities. Lavender/Nicoll Highway MRT. Call King for details.

http://www.sgbayhomes.com/11806196

HK property group buys Big Hotel for S$203M

A Hong Kong real estate private equity group is acquiring Big Hotel in Singapore for $203 million, The Straits Times has learnt.

Gaw Capital Partners is known for restoring iconic hotels such as the Hollywood Roosevelt in Los Angeles, and the Victorian-style hotel, The Strand, in Yangon.

Co-founder Kenneth Gaw is one of three directors listed at GCH, based on an Accounting and Corporate Regulatory Authority search. GCH is an investment holding company acquiring the 16-storey, 308-room hotel at 200 Middle Road. The other two directors are Mr Alan Lee Kam Hung and Mr Lee Wei Hsiung.

A Land Register search shows GCH had lodged a purchaser’s caveat on Sept 18 on the Big Hotel at a price of $203 million.

When contacted, Gaw Capital said it was “a bit too early for us to talk about this project, especially now (as) the transaction has not been closed yet”.

Mr Robert McIntosh, executive director, CBRE Hotels Asia-Pacific, told The Straits Times that hotels in Singapore, in the medium term, can still offer a good buying opportunity.

“In particular, there are opportunities to take hotels that are underperforming and add value by repositioning them with some capital expenditure and good marketing,” he noted.

According to the 2015 CBRE Asia-Pacific Investor Intentions survey, the outlook for hotel investment in the region remains positive with hotels seeing stronger interest.

“However, investment appetite is shifting towards prime core assets in view of the uncertain global economic recovery,” according to CBRE’s first-half report for this year on Asia-Pacific hotels. “Investors will focus on large and mature markets (including)… Singapore.”

But CBRE cautioned that while the fall in visitor numbers has slowed and arrivals to Singapore are starting to recover, the country still faces headwinds as the Singdollar continues to appreciate and there is a steady supply of hotels in the pipeline.

Gaw Capital has developed “a strong loyalty from its investors by consistently achieving returns in excess of 20 per cent,” Mr Marcus Neill, director of business development for Asia capital markets at CBRE in Hong Kong, told Bloomberg in an earlier report.

“They can articulate a proposition to foreign investors, and know how to operate locally, and are exceptionally good at timing the market,” Mr Neill said.

Since its inception in 2005, Gaw Capital has raised equity of US$5.22 billion (S$7.3 billion) and has assets of US$10.61 billion under management as of the second quarter of this year.

In recent months, Gaw Capital unveiled a slew of projects, including the purchase of the 76-storey Columbia Centre, Seattle’s tallest tower, for about US$700 million.

A group led by Gaw Capital recently acquired the InterContinental Hotels Group’s Hong Kong flagship for US$938 million, a deal expected to close in the second half of this year.

Prime commercial buildings in Middle Road and Robinson Road up for sale by tender

Two commercial buildings, one in Middle Road and the other in Robinson Road, have been put up for sale by tender.

Both have retail space, and are near MRT stations.

One of the buildings, a 35-storey office tower at 77 Robinson Road, has a total net lettable area of about 294,000 sq ft, including 6,018 sq ft of retail space on the prime street level and 180 carpark spaces.

A 35-storey office building in Robinson Road (above) and The Prospex in Middle Road, both in prime areas, are expected to attract keen interest.

The property already has tenants, including Adidas Singapore and DVB Bank.

DTZ said in a statement yesterday that potential buyers could increase the property’s value by renovating office lobbies, common areas, and expanding the retail area.

It said: “Given the rejuvenation underway in the Robinson Road-Shenton Way precinct, this is an opportune time to carry out asset enhancement initiatives.”

DTZ noted that OUE Downtown and AXA Tower are undergoing renovations, and the upcoming Tanjong Pagar Centre and Frasers Towers “will inject even more vitality”.

DTZ will accept submissions of expression of interest until Oct 15.

The other commercial building up for sale is the nine-storey The Prospex, which sits “right in the heart of Bugis”, at the intersection of Victoria Street and Middle Road.

The site at 108 Middle Road is near Bugis MRT station, Bugis Junction and the National Library.

The building, which has a retail podium of two floors, has a site area of about 5,300 sq ft, with an approved gross floor area of about 41,800 sq ft.

Strata subdivision, with a combined area of about 30,800 sq ft, has been approved.

Mr Andrew Moore, chief executive of property fund management Pamfleet Group, noted that there has been tenant interest to rent the office space at about $8 per sq ft, while the retail space could command rents of more than $25 per sq ft.

Mr Jeremy Lake, CBRE’s executive director of investment properties, said: “We have observed that all Central Business District (CBD) building transactions over the past year are in excess of $200 million, and it is rare for one to be able to purchase a whole building in the CBD in the region of $80 million.”

He noted that in the light of recent keen interest in whole commercial buildings, “we expect this property to attract interest from both local and foreign buyers”.

The expression of interest for the Middle Road development will close at 3pm on Oct 23.

 

http://www.straitstimes.com/business/property/two-commercial-buildings-in-prime-areas-up-for-tender

Rare Commercial investment at District 7

A rare #01 shop along Jalan Sultan/North Bridge Road.

Property Details
Use: Shop  Size: 1997 sqft
Tenure: 99 years since 1970
Ceiling Height: 2.7m
Potential uses*: Financial institutions, F&B outlets, Retails Shops, Pubs, Furnishings and design showflats
(* subject to the approval of relevant authorities)

Sale price S$ 4,500,000 with potential 4% with existing lease.

Size: 1,997 sqft (185.53 sqm)  

Brief Description

This prime #01 shopspace is facing the main road of Jalan Sultan. With substantial human traffic during both office hours and off-peak times, it is an ideal location for F&B, finance, design and other high-value businesses.

With waterpoint installed in the premises, the potential is great for this shopspace. Ideal for business operators as well as investors.

TC shop details

Call David King @ 9477-2121 for more details.

Textile Centre

Textile Centre is a commercial property with residences, located at 200, Jalan Sultan in District 07. Textile Centre is primarily used for Retail and Office rental and sale. Textile Centre is within walking distance to Nicoll Highway MRT (CC5) and Lavender MRT (EW11). It is near to several bus stops along North Bridge Road, Jalan Sultan, Victoria Street and Beach Road.

Textile Centre is accessible via Jalan Sultan and North Bridge Road. Car parking options are available in the building as well as the neighbourhood (including Kampong Glam)

Amenities near Textile Centre
Textile Centre is within walking distance to the stretch of eateries and restaurants located at Jalan Sultan and the conservation hub of Kampong Glam.

Textile Centre is within reasonable distance to Shop N Save, Cold Storage, Sheng Siong and I-Tec Supermarkets. It is also close to The Concourse Shopping Mall, Golden Landmark Shopping Complex, Sim Lim Tower, Bugis Point, Fu Lu Shou Complex, Parco Bugis Junction and Albert Complex for an array of amenities such as grocery and retail shopping, banks and more.

The upcoming Sports Hub and the Kallang Riverside are among the new developments that will spice up the neighbourhood in the years to come.