Category Archives: Rochor-Kallang

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

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.

$16.5m price tag for 3 Jalan Besar shophouses

Three adjoining shophouses in Jalan Besar have been put up for sale with a guide price of about $16.5 million.

CBRE, the sole marketing agent, yesterday called for expressions of interest in the double-storey freehold shophouses, each of which has an attic.

The shophouses, with a combined land area of 4,353 sq ft and a total gross floor area of 9,719 sq ft, are in an area zoned for commercial use in the Historic District (Little India) Conservation Area in the 2014 Master Plan, said CBRE.

 CBRE’s associate director of investment properties Sammi Lim said the guide price of $16.5 million for all three shophouses works out to $1,697 per sq ft.

With 14m of street frontage for all three shophouses, they are highly visible in Jalan Besar.

The site is a short walk from Farrer Park MRT station. The upcoming Jalan Besar MRT station will be about 100m away.

Ms Lim said: “Shophouses along Jalan Besar are always tightly held and it is extremely rare for any to be available for sale. For 138 to 142 Jalan Besar, the vendor has been occupying the premises over the past few decades.” She added that there has been “increased interest from the market for such quality shophouse assets on the fringe of the Central Business District for mid- to long-term hold”.

“We term these shophouses as a limited-edition asset in the property market that comes with a distinctive facade, unique charm and rich historical value; and three adjoining shophouses in a row in a centrally located area is an extremely rare opportunity,” said Ms Lim.

An expression of interest sale gives potential buyers a specific period of time to view the properties and to make their offers to purchase by a specified time and date.

Since the property is a commercial one, the expression of interest exercise is open to both locals and foreigners, with no additional buyer’s stamp duty or seller’s stamp duty imposed on the purchase of the property, said CBRE.

The expression of interest exercise will close on Aug 28 at 3 pm.

http://www.straitstimes.com/business/property/165m-price-tag-for-3-jalan-besar-shophouses

US pharma firm Abbott moving to Duo in Bugis

PHARMACEUTICAL giant Abbott will be moving its offices to the Duo integrated development in Bugis, The Straits Times understands.
Industry sources said a lease is being drawn up for Abbott to occupy three floors in the project’s office block, named Duo Tower.
The American firm will also be an anchor tenant – and the largest in the building so far – taking 100,000 sq ft.
In what is likely to be this year’s largest leasing deal so far, Abbott is said to be planning to move its offices from HarbourFront Centre in Telok Blangah, Gateway West in Beach Road and Visioncrest Commercial in Penang Road to the Duo building, after its completion in 2017.
Abbott also has premises at the Biopolis in one-north.
It is understood that property firm JLL brokered the deal, but it declined to comment when contacted.
Abbott, too, declined to comment, saying: “We do not comment on market rumours.”
The firm’s impending move follows a spate of relocations into the Bugis office sub-market.
Multinational firms such as Facebook, Sanofi, Rabobank, TMF Group, Bain and Company and De Lage Landen were earlier reported to be moving to the nearby South Beach Tower, the office component of City Developments’ South Beach mixed-use project.
Rents secured there ranged from $9 to $12 per sq ft (psf), said South Beach Consortium, the group developing the project in Beach Road.
Duo, located between Ophir Road and Rochor Road, has a gross floor area of 1.73 million sq ft and a net lettable area (NLA) of 570,000 sq ft.
Its 39-storey commercial tower will have a retail component, named Duo Galleria, as well as office floor plates spanning 28,000 sq ft – the largest in the Bugis office segment so far.
M+S had also in January stitched a deal with Hyatt Hotels and Resorts to develop a 340-room, five-star Andaz hotel – a boutique brand under the Hyatt group – within Duo.
The development will comprise a 49-storey residential block with 660 units, ranging from studios and one- to four-bedroom apartments, to penthouses.
Colliers International said in a report that a “lack of significant new office completions” this year could shore up occupancies. “Nonetheless, rents may still be reined in due to pre-leasing activities from sizeable projects, (which are) expected to be completed in 2016,” said the firm.
This includes developments such as M+S’ other integrated development, Marina One in Marina Bay, with an NLA of about 1.9 million sq ft, and GuocoLand’s GuocoTower in Peck Seah Street, with an NLA of about 890,000 sq ft.
Monthly rents of Grade A offices in the Central Business District (CBD) were $11.40 per sq ft in the first quarter, data from CBRE showed, up 1.8 per cent from the preceding quarter.
Though South Beach and Duo are in the fringe areas of the CBD, Dr Lee Nai Jia, associate director of research at DTZ, said the Bugis area is becoming popular with international firms because of its accessibility and buildings with large office floor plates.
“Bugis serves as an interchange for East-West and Downtown MRT lines,” said Dr Lee. “It is extremely accessible by car as the area is serviced by many expressways. With South Beach and Duo coming up there, it will further energise the area.”

Industrial building next to Bendemeer Station fetches $88m

A company linked to the Lee family that founded OCBC has sold a plum light industrial building next to the upcoming Bendemeer MRT Station on the Downtown Line, for S$88 million.

The building bears the name of the Lee family vehicle that is selling the asset – Cyberhub Holdings Pte Ltd – but the name is expected to come down when the sale is completed.

The property is believed to have been bought by entities linked to Raymond Ng Ah Hua, who controls property group BS Capital as well as listed Enviro-Hub Holdings.

On site is a seven-storey property, which has a basement car park. There are also some surface car park lots.

The building, which was completed in 2002 to high-tech industrial specifications, is on a 79,818 square foot site with a balance lease term of 50 years.

Industry watchers say the existing development has probably tapped the maximum allowable gross floor area for the site.

The S$88 million price for the property works out to around S$500 per square foot based on its net lettable area, which is said to be 175,000 sq ft. The multi-tenanted building is nearly fully let.

Market watchers reckon that while the buyer can enjoy an immediate rental income stream from the property, it would probably be eyeing capital appreciation in the medium term.

“The biggest selling point of this site is its prime location next to an MRT station within the established Kallang industrial location – less than a 10-minute drive to the CBD,” said an industrial property market observer.

“The new owner could also refurbish the building and seek permission from the authorities for strata subdivision, then sell strata units,” he added.

Besides its good location, another strong attraction of the building is the ample car parking facilities in the basement in addition to some surface car park lots.

Under the Urban Redevelopment Authority’s Master Plan 2014, the site is zoned for Business 1 use with a 2.5 plot ratio (ratio of maximum gross floor area to land area).

Typically, clean and light industrial and warehouse uses are allowed in Business 1 zone.

Another sizeable industrial property transaction recently was the S$38 million sale of 10 Shipyard Crescent near Benoi Basin – in the Boon Lay area.

The property is on a site zoned for Business 2 use, which means it is suitable for heavy and more pollutive industrial use.

– See more at: http://business.asiaone.com/property/news/industrial-building-next-bendemeer-station-fetches-88m#sthash.CZ4TGvyP.dpuf

Rochor River renewed

Rochor

RochorRivermap

RochorRivermap2
Th revamped canal is the latest addition to water agency PUB’s Active, Beautiful, Clean Waters programme. Six other projects under the programme are scheduled to open this year.

A stretch of the Rochor Canal – running from Sim Lim Tower to the Immigration and Checkpoints Authority Building – which has been transformed into a riverfront with rain gardens, community plazas and benches will be officially opened by Mayor of Central Singapore District Ms Denise Phua on Mar 8.

http://www.channelnewsasia.com/news/singapore/revamped-rochor-canal/1698632.html

http://www.pub.gov.sg/mpublications/Pages/PressReleases.aspx?ItemId=430

Shuttered maternity home ‘last of its kind’

Shuttered maternity home 'last of its kind'

ITS nondescript white exterior gives no hint of the treasure trove of history and heritage within.

While health care has sprinted into the 21st century with cutting-edge technology, the Salmon Maternity Home at 110 Prinsep Street remains trapped in the pre-independence days of the 1950s.

Basins with foot pedals that nurses used to wash newborns in and old beds and bassinets still stand in their original positions. Its 30 wards and at least one delivery room have been left intact for more than half a century.

“It’s like a freeze frame of a moment in time. It is so rare to find a medical facility like that in Singapore that has been untouched by development,” said conservation architect Lim Huck Chin.

“It could also be the last of its kind in the developed world.”

Its rarity and the risk of redevelopment have prompted heritage experts to issue an urgent appeal to its reclusive aged owner for access to document its facilities, old journals, medical contributions and architecture.

Dr Yeo Kang Shua, honorary secretary of the Singapore Heritage Society, believes an impact assessment study should be conducted to determine the building’s architectural heritage value, apart from its social significance alone.

“It is important to understand its condition, especially its interiors, since few people have ventured into the building in recent years,” he said.

– See more at: http://news.asiaone.com/news/singapore/shuttered-maternity-home-last-its-kind#sthash.TTywmOa6.dpuf

Selegie malls up for Collective Centre again

Peace Centre and Peace Mansion on the fringe of the Orchard Road precinct are up for collective sale for the fourth time, after three failed attempts.

This time, the owners have set a guide price of $680 million, which works out to $1,125 per sq ft per plot ratio.

This is a slight increase from the $675 million guide price in 2011. In 2007, when the owners had first tried to make a sale, the indicative price was $470 million.

The strata-titled mixed development sits on a 76,617 sq ft site at the junction of Selegie Road and Sophia Road. It has about 55 years of lease remaining on a 99-year leasehold tenure.

Peace Centre is an office and retail space comprising two blocks that are seven storeys and 10 storeys high. Peace Mansion is a 22- storey residential tower with 86 units, including two penthouses.

The developer which purchases the plot can build a new project with a gross floor area of some 604,578 sq ft, or an approved gross plot ratio of 7.89.

Based on the current approved ratio of 60 per cent commercial use and 40 per cent residential use, there is no development charge payable.

Peace Centre could be refurbished into a modern shopping mall, and Peace Mansion converted to accommodate serviced apartments, subject to regulatory approval, said Ms Stella Hoh, executive director of investment services at Colliers International, which is handling the sale.

“The vicinity… is set to be transformed into a vibrant area with new developments and rejuvenation plans,” added Ms Hoh, noting the planned development of the Ophir-Rochor Corridor.

The District 9 property also sits near malls such as PoMo, Parklane Shopping Centre and Wilkie Edge, and enjoys a large catchment student population.

Colliers is marketing the property to local and international funds and developers.

The tender will close on Feb 11 next year.