Lee Foundation-linked firm sells shophouses

Several shophouse deals have been completely sealed lately.

A Shelter Foundation-linked firm has distributed a line of four freehold conservation shophouses along Outram Road with respect to S$23. almost 8 million to construction and property group Chiu Teng.

In another offer, a pair of next to shophouses for 277 and 279 Fresh Bridge Street – in which Korean BARBECUE and steamboat restaurant Manbok operates on a lawn floor — was people paid S$14. your five million.

The freehold, four-storey shophouses, which can be on a single area lot and still have a total major floor place (GFA) of around several, 450 sq ft, are purchased by FEDERAL ACT Holdings.

The customer is thought as a company connected to Singapore-based SilkRoad Property Lovers, a property expenditure management firm set up in 2012 by the past AEW Asia senior managing team led by Philip Wittendorp.

Along Boat Quay, two next-door shophouses will be changing hands in two separate bargains.

No fifty four Boat Quay is being people paid S$12. being unfaithful million with a company that may be part of the Chua Chuan Leong Group, which in turn among other things, possesses Goldbell Tower system along Scotts Road; the customer is a company not directly owned simply by Tai Ngakl Estates Sdn Bhd. Zero 53 Vessel Quay offers fetched S$13 million; it is being sold by two individuals to a Singapore-incorporated company named Heritage Circle. Both the properties are on sites with 999-year leasehold tenure and span three levels and an attic.

In Outram Road, Chiu Teng, which is picking up four shophouses at Nos 265, 267, 269 and 271, is expected to do additions and alterations work on the four-storey house, which is zoned residential with commercial use at the first storey.

The property is in the Tiong Bahru Secondary Arrangement conservation area.

Chiu Teng’s price displays S$1, 482 per square foot based on the existing GFA of 16, 061 sq ft. There is potential to increase this space by 2, 314 sq ft to achieve the maximum 18, 375 sq ft allowed, based on the 3. 0 plot ratio indicated for the 6, 125 sq ft site in the Urban Redevelopment Authority’d (URA) Master Strategy 2014.

The properties are understood to be more than 50 years old although they have been spruced up. Chiu Teng’s price reflects about 3 per cent gross deliver based on the asset’s current rental money. All four sell units for street level as well as 15 of the doze apartments previously mentioned have been rented.

Most of the rents run out inside the the primary and second quarters of next year which in turn would make that timely with regards to the buyer to embark on a serious refurbishment of your asset.

The residential part may be reconfigured into small units and installing a good start would enhance their rental require.

In addition , the property’s distance to the well-liked Tiong Bahru area means it is in a really leasable position for both rental rentals or probably serviced rentals.

The ground-floor units can be spruced up and rented to superior eateries.

Pulau Properties, which can be selling the shophouses, is certainly owned by the Lee Foundation and people of the Lee family.

In September, a fully-owned unit of Lee Rubber, which is also controlled by the Lee family, offered a standalone block of 11 adjoining shophouses in Lavender Road for nearly S$55. 56 million. In that deal, the Lee Rubber subsidiary carved out a 99-year leasehold interest for the buyer, Broadway Textile.