Friday, March 15, 2013

43 strata units at Singapore Shopping Centre up for sale


Straits Times  |  Mar 14, 2013

Forty-three strata units at Singapore Shopping Centre were put up for sale yesterday via an expression of interest process.

The units are on the fourth and sixth floors of the mall, at 190 Clemenceau Avenue just off Orchard Road.

The strata area for sale is about 22,980 sq ft - just over one-fifth of the building's total strata area - which the owners hope to sell to a single buyer.

Sole marketing agent CBRE said interested parties also have the option of purchasing the units in three separate parcels.

The first parcel of 8,654 sq ft consists of 16 adjacent units on the fourth floor.

The second parcel of 10,797 sq ft comprises 18 contiguous units on the sixth floor, leased to a single tenant.

The third parcel, also on the sixth floor, comprises nine contiguous units of 3,529 sq ft of vacant space.

The seven-storey mall has a 99-year leasehold tenure, with 34 years unexpired.

Mr Alex Chow, assistant manager of investment properties at CBRE, said the owners are looking for offers in the region of $38 million, or about $1,650 per sq ft (psf).

He added that gross rents are between $6 and $6.50 psf, which would work out to a gross rental yield of about 3.55 per cent, with the mall's current occupancy rate of 77.5 per cent.

"Further rental yield upside can be expected with an increase in occupancy rate," he said.

The latest sale of a unit in Singapore Shopping Centre was in January, for a 215 sq ft third-floor unit which sold for $1,394 psf.

The period for submitting expressions of interest closes on April 16 at 3pm.


Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)
Email: marshe_inc@yahoo.com.sg

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