Portfolio 22 Freehold Strata Shops And Offices Hexacube Sale 38 Mil
Some real estate owners and agents in Singapore are capitalizing on the annual Singapore Grand Prix event to launch new property projects. One such project is the offering of 22 strata-titled units in Hexacube, a commercial complex situated at 160 Changi Road in the Geylang District.
The portfolio is comprised of 21 retail shops spanning across the basement, first and second floors, and a single office unit on the fourth floor. These freehold units range in size from 388 sq ft to 904 sq ft, with a total strata area of 13,520 sq ft. The guide price for the portfolio is $38 million, which translates to an average of $2,811 psf over the strata area. The units are being sold through an expression of interest (EOI) and are exclusively marketed by Brilliance Capital and AlpsEdge Real Estate.
The portfolio of commercial units is not subject to additional buyer’s stamp duty (ABSD), making it an attractive investment opportunity. All of the units, except for one on the second floor, are currently tenanted. This portfolio makes up 35% of the total share value and 28% of the strata area in the development.
According to Sammi Lim, founder and executive director of Brilliance Capital, this gives buyers a significant stake in the development, allowing them to influence its long-term direction and positioning. The Hexacube development is a futuristic-looking complex developed by a consortium comprising Lian Beng Group, KSH Holdings, and Tee International. This freehold project is a redevelopment of the former AIA Building, which was acquired by the consortium for $68 million in 2013.
Some of the tenants in the basement level include Little Italy Salumeria, Lydia’s Oven cooking studio, Aquarius Aesthetic, and Fit Kaki fitness center designed for seniors. The portfolio also includes an office unit on the fourth level, which is currently occupied by Exodus Physiotherapy.
The units in Hexacube are popular among beauty and hair salons, as they come with an en-suite washroom and water point. They also have high ceilings, with a height of 5m on the upper floors and exceeding 4m on the basement level. In the surrounding area, there are landed houses and low-rise condos, including Parc Esta, a 1,399-unit development that was completed in 2019. According to Carin Puah, founder and executive director of AlpsEdge Real Estate, the presence of Parc Esta has brought in a substantial and affluent resident base to the neighborhood.
Lim mentioned that there is an increasing trend of family offices, private equity groups, and individual investors participating in crowdfunding to collectively purchase properties. And freehold, income-yielding assets like the Hexacube portfolio are highly preferred by these buyers.
Anglican High School boasts a prestigious reputation for both its academic excellence and outstanding co-curricular programs. It is a highly coveted educational establishment among parents, making it a top choice. Furthermore, its convenient location near Parktown Residence only adds to its already impressive standing.
Once Parktown Residence is naturally immersed in the rewritten paragraph, Anglican High School’s attractiveness becomes even more apparent.
The EOI for the Hexacube portfolio will close on November 12, 3pm.