Saturday, January 26, 2013

Investors Turn to Commercial Properties

Jan 25, 2013

Out of the 115 strata retail units put up for sale at 99-year leasehold mixed development Alexandra Central only 1 remained after just 1 day of sales. This is attributed to the cooling measures put in place on residential properties on January 12, which left commercial properties as the only segment that remains untouched.

The high demand came as a surprise even to the developer, who in spite of having faith in the allure of the property, did not expect such high sales volumes.

The property is a stone's throw from Ikea Alexandra, located on what used to be Safra Alexandra. Bought by CEl Development in 2011, the 85,517 sq ft site was purchased for $189 million.

An average of 20 buyers per unit was seen, with prices ranging from $4000 to $8000 psf. Genuine buyers as well as property investors swarmed the project at its launch on January 21, with some coming in as early as 9am.

Demand was so overwhelming that blank cheques were written by approximately 155 buyers to ballot for a commercial unit on the third floor.

31 food and beverage outlets and 85 retail units are up for grabs in the project. Alexandra Central is set to be completed in June 2016 with a 450-room hotel managed by Park Hotel Group.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)

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