Tag Archives: Bugis

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.

Advertisements

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.

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

URA releases historic site at Beach Road

Beach Road - location map

Beach Road - aerial view

Developers with an eye to an arresting chapter of Singapore’s history are being invited to bid for the old Beach Road Police Station site.

The 99-year leasehold plot between Beach Road and Rochor Road has been released under the reserve list of the second half 2014 Government Land Sales programme. That means the 2ha plot will go to tender only if a developer initially commits to buy the plot for an acceptable minimum sum.

The successful bidder will be required to conserve and restore the former police station building.

The site can also accommodate a development of up to 45 storeys, with a gross floor area of about 88,000 sq m. About 70 per cent of this will have to be set aside for office use.

JLL head of South-east Asia research Chua Yang Liang noted that while the conserved building could be challenging, it gave a developer a “unique opportunity” to feature a mixed development comprising office, retail and possibly residential spaces at such a site. “It is likely to motivate larger developers to launch a flagship development, leaving their mark on the Singapore skyline,” he said.

He added that as the total cost is large – an estimated $1.1 billion to $1.4 billion ($1,300 to $1,400 per sq ft per plot ratio) – it is most likely to attract the larger property players.

“Foreign developers such as the Chinese firms looking to penetrate into the commercial market may find this site attractive.”

Developers could be interested as office rents in the area, including Suntec City and Marina Square, have been holding up, said R’ST Research director Ong Kah Seng. Leasing demand in the area has been mainly from firms outside the financial industry, including IT and professional services, and mining companies – businesses which are less affected by global economic fluctuations and thus “more resilient” in space requirements and operations.

Apart from nearby mixed development South Beach, which will be completed next year and offer 500,000 sq ft of office space, new office space in the area has been limited for a long time, so demand at this new site could be solid, he said.

However, the site will also have to contend with mixed development Duo, which includes Duo Residences, offices, retail space and a five-star hotel, and will come onstream in 2016, said Century 21 chief executive officer Ku Swee Yong.

“At this cycle of the market, where new demand for retail and office space is weak, I am not sure if it would be triggered,” he said, referring to the sale of the Beach Road site.

http://business.asiaone.com/news/ura-releases-historic-beach-road-site

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

Channelnewsasia (CNA)’s production on Heritage Malay enclave

http://www.channelnewsasia.com/tv/tvshows/footprints/videos

Legacy of a Royal Malay Port

Uncover an illuminating picture of modern Singapore’s original Malay enclave — Kampong Glam. Its journey from royal Malay port to cosmopolitan cultural capital spanned two centuries and is entwined with the rise of a young nation.

Though a rising colonial power ripped open its royal core, Kampong Glam town thrived thanks to the dynamic and inclusive spirit of its diverse trading communities. A centre for global Islam and the Malay world, it grew into an intellectual hub that would nurture Malay leaders whose visionary ideas transformed Singapore and the region.