Tag Archives: Enbloc

Katong Shopping Centre put up for collective sale for a third time

Katong Shopping Centre has been put up for collective sale for the third time.

The reserve price is set at S$630 million. This translates to a land price of S$2,248 per square foot per plot ratio.

The mall, which contains 425 units, sits on a freehold plot of nearly 87,000 square feet. Situated along Mountbatten Road, it houses among others, offices, employment agencies, printing and tailoring services shops, and eateries.

According to marketing agent Cushman & Wakefield, owners controlling at least 80 per cent of the share value and total area have agreed to the proposed sale.

The mall launched its first attempt at an en bloc sale in January 2010 for S$445 million. The deal fell through, and a second attempt was launched in June 2014.

Katong Shopping Centre was Singapore’s first air-conditioned mall when it opened its doors in 1973.

Source : Channel NewsAsia – 15 Jun 2016

Thong Sia Building along Orchard Road sold for S$380 million

Thong Sia Building located opposite The Paragon in the Orchard Road shopping belt has been sold to SIN Capital Group for S$380 million, marketing agent JLL said in a news release on Wednesday (Jul 29).

This works out to S$2,430 psf over the existing gross floor area for the freehold building. The 26-storey building was built in 1981 and has a land area of about 21,602 sq ft. It currently comprises seven levels of commercial space and a 19-level residential tower of 37 apartments.

JLL’s International Director Karamjit Singh, who brokered the deal, said “the planning authority has advised that they are prepared to support the redevelopment of the site into a mixed residential and commercial development with at least 60 per cent of the space set aside for residential or serviced apartments”.

He added that this is the first collective sale this year and the largest ever mixed use collective sale in Singapore. The completion of the sale is subject to the approval by the Strata Titles Board.

Source : Channel NewsAsia – 29 Jul 2015

Bright Chambers put up for collective sale by tender

A commercial building at Middle Road has been put up for collective sale by tender.

The building known as Bright Chambers has an indicative price tag of between S$45 million and S$50 million.

The 9-storey building has 8 units with a total strata area of 34,972 square feet.

Exclusive agent for the deal Jones Lang LaSalle says the site has a land area of 5,263 square feet.

The building is located next to the Bugis shopping area at the junction of Middle Road and Victoria street and is near Bugis MRT station.

The global property consultant says accessibility to the development will be “further enhanced” with the upcoming MRT Downtown Line.

Regional director of investments at Jones Lang LaSalle, Karamjit Singh, says the development is attractive – thanks to its prominent road frontages within the Central Business District.

He adds that this “would be ideal as corporate headquarters and for owners looking for naming rights of the building”.

He notes: “As the leases are up for renewal, the buyer could also consider refurbishing the building and keep it as a long-term investment property that yields a steady stream of rental income.”

Mr Singh says: “The new buyer could further subdivide the space that appeals to small start-ups or entrepreneurs looking for an office space within the CBD.”

The tender will close at 3pm on 18 April 2013.

Source : Channel NewsAsia – 20 Mar 2013

Orchard Road shopping malls face challenges in en bloc sale

Tanglin Shopping Centre is trying for an en bloc sale for the second time.

It failed to find a buyer on its first attempt last year at a reserve price of S$1.25 billion.

In fact, there has never been a successful en bloc sale in the Orchard Road shopping belt.

Teresa Wong purchased a freehold shop spanning 330 square feet at Far East Plaza 25 years ago.

For the beauty therapist, the need to control costs was crucial.

She said: “The landlord might ask us to leave after two or three years. So my best bid was to buy the shop and stay here permanently. When we shift, we have to renovate. And renovation cost money.”

The shop space cost S$0.5 million back then and its current value is triple that or at least S$1.6 million.

Should an en bloc sale take place, Madam Wong would only sell at double the current value or S$3 million.

Satisfying the expectations of owners with shops of varying degrees of human traffic is a major obstacle to putting a strata-titled mall on the market.

Jones Lang LaSalle’s head of investments, residential, Karamjit Singh, said: “In Orchard Road, you will always have a situation where some trades, despite the age, may be doing very good business. Whenever you have that taking place, the owners are always very reluctant to sell because there aren’t many comparable replacement properties for them to channel their investments towards.”

This could also be the challenge to getting 80 percent of the 173 owners at Tanglin Shopping Centre to approve an en bloc sale. But, it may be second time lucky for this 40-year-old mall.

Christina Sim, director for investment and capital markets at Cushman & Wakefield, said: “They have a good chance of succeeding because I don’t think there are many big ticket commercial properties right now. And with QE3 coming in, there would be some hot money coming in too. What would likely happen is that a foreign investor would team up with a local developer to do this.”

Analysts say an en bloc sale attempt could be made easier should URA’s masterplan, reviewed once every five years, indicate a new building could yield more gross floor area than the existing one.

Another push factor to convincing numerous strata titled owners in a building to agree is to an en bloc sale is the change of land use from say shops to a hotel.

Source : Channel NewsAsia – 23 Oct 2012

Upper Serangoon Shopping Centre up for sale by tender

Sixty-seven strata units in Upper Serangoon Shopping Centre, a freehold mixed development, have been put up for sale by tender.

Jones Lang LaSalle, the exclusive marketing agent, said the development consists of a total of 173 units comprising of shops, offices and residential units.

The 67 strata retail units with a total area of about 4,392 square metres are up for sale.

These units make up a 59 per cent stake, by share value, in the entire development.

The shopping centre is located along Upper Serangoon Road and within walking distance to the Serangoon MRT Station.

The tender will close at 3pm on October 19.

Source : Channel NewsAsia – 28 Sep 2010

Parkway Centre up for collective sale

The 99-year leasehold Parkway Centre has been put up for collective sale.

The commercial property, which is located in the Marine Parade town centre, can be redeveloped into an office-cum-retail development, with a gross floor area of up to 157,625 square feet.

The building is located opposite Parkway Parade and near Roxy Square. It is surrounded by residential projects like Parc Seabreeze, Silversea and Amber Residences.

The property is linked to the East Coast Park Expressway and is near Singapore’s central business district.

Jones Lang LaSalle is the sole marketing agent for the project.

The tender will close at 3pm on November 19.

Source : Channel NewsAsia – 15 Oct 2008

Katong Mall sold to Tuan Sing Group for S$219m

Katong Mall has been sold in a collective transaction to property developer Tuan Sing Group for S$219 million.

Including a premium of S$24.5 million to top up the site’s lease, the price works out to about S$865 per square foot of gross floor area.

The tender for the 99-year leasehold commercial development in the Marine Parade area was launched in May.

Katong Mall, located at the junction of East Coast Road and Joo Chiat Road, is currently a four-storey building with three basements.

Under the Master Plan, the 78,158 square foot site is zoned for commercial use. It has a gross plot ratio of up to 3.6, with the allowable building height subject to evaluation.

Outline planning permission has been obtained for either a full commercial development or a mixed development with residential and commercial space.

The new development could yield some 100 residential units of 1,200 square feet each, and 185 commercial or retail units with an average size of 400 square feet. – CNA/ms

Source : Channel NewsAsia – 30 Jun 2008

Katong Mall up for collective sale by tender

Katong Mall is up for collective sale by tender.

Under the Master Plan, the 99-year leasehold 78,158 square foot commercial development site has a gross plot ratio of up to 3.6, with an allowable building height subject to evaluation.

It has the potential to be redeveloped into a commercial or retail development with a gross floor area (GFA) of up to 281,369 square feet, subject to relevant authorities’ approval.

To give developers more redevelopment options for the site, Outline Planning Permission has also been obtained for a mixed redevelopment of residential cum commercial development, with an approved plot ratio of up to 3.

This translates to a permissible GFA of up to 234,474 square feet, and could yield up to some 100 residential and 185 commercial/retail units with an average size of 1,200 square feet and 400 square feet respectively.

Sole marketing agent Jones Lang LaSalle said the tender will close at 3pm on June 25. – CNA/ms

Source : Channel NewsAsia – 26 May 2008

The Riverwalk for sale

An iconic redevelopment site at the heart of the CBD has been put up for sale.

Currently known as The Riverwalk, the 82,317-sq ft site is zoned for commercial use.

It has a gross plot ratio of up to 4.9, and has the potential to be redeveloped into an iconic commercial building with a gross floor area of about 403,351 sq ft, subject to approval and payment of development charge and land premium for the topping up of the lease.

Jones Lang LaSalle is the marketing agent for the site.

Source : Channel NewsAsia – 26 Nov 2007