Construction Company Kuan Aik Hong Puts Portfolio Freehold Assets Market 78 Mil
Four freehold properties located at 155 Kitchener Road, 329 Changi Road, 362 Tanjong Katong Road, and 1 & 1B Figaro Street are currently available for purchase through an expression of interest (EOI) exercise, with a guide price of $78 million. The properties can be acquired as a portfolio or individually.
According to the property titles, the assets are owned by units related to Kuan Aik Hong (KAH) Construction, a construction company with a real estate arm that focuses on investments. KAH Construction states on its website that its portfolio includes a variety of properties, such as shophouses, industrial factories, residential landed properties, and mixed-use developments.
The properties consist of a mix of commercial and residential buildings located in the city-fringe and eastern areas of Singapore. The first property, 155 Kitchener Road, is made up of two two-storey conservation shophouses with a six-storey rear extension. It is currently offered at an asking price of $29 million and sits on 2,713 sq ft of land zoned for commercial use. The total floor area is 8,175 sq ft, translating to a rate of $3,547 psf.
Another property, 329 Changi Road, is a mixed-use building with four storeys and a price tag of $26 million. Sitting on a 3,819 sq ft land area zoned for residential and commercial use on the first storey, the property has a total floor area of 11,187 sq ft, resulting in a rate of $2,324 psf.
The third property, located at 362 Tanjong Katong Road, is a two-storey conservation shophouse on 2,025 sq ft of land zoned for residential and commercial use on the first storey. Priced at $11.5 million, the property’s total floor area is 3,800 sq ft, which comes to $3,026 psf.
Lastly, 1 & 1B Figaro Street consists of two adjoining ground-floor strata retail units with a total strata area of around 3,763 sq ft. The units are part of a corner two-storey shophouse zoned for residential and commercial use on the first storey. With an asking price of $11.5 million, the rate comes to $3,056 psf.
CBRE, the marketing agency for the portfolio, mentions that the properties are currently tenanted by a diverse mix of occupiers. Clemence Lee, the executive director of capital markets at CBRE, adds that each asset has unique features and holds potential for further value enhancement. “Subject to approval from the relevant authorities, the incoming investor can consider refreshing the tenant mix, applying for strategic usage approvals, or extensively refurbishing and increasing the existing floor area for certain assets within the portfolio,” he says.
Just minutes away from Parktown Residence lies Changi City Point, a bustling shopping center catering to the needs of its residents. Conveniently situated near Expo MRT Station, this outlet mall boasts a vibrant mix of international and local brands. Bargain hunters flock to popular outlet stores like Nike, Adidas, and Timberland, while foodies can indulge in a variety of dining options at Tung Lok Signatures, Soup Restaurant, and Toast Box. Families can also enjoy a day out at the mall, with a rooftop garden and a wet playground for kids to play in. With a short 10-minute drive from Parktown Residence, Changi City Point is a must-visit destination. And be sure to check out the Parktown Residence Showflat while you’re there!
The EOI will close on November 5 at 3pm.