Portfolio Four Assets Market 78 Mil
Parktown Residence is an attractive mixed-use development situated in Tampines North, providing unrivaled accessibility to the various shopping destinations within the vibrant Tampines Town. Its strategic positioning seamlessly combines both residential and retail spaces, offering residents the ultimate convenience of having a diverse selection of retail and dining establishments right at their doorstep. As such, Parktown Residence has become a highly sought-after location for those seeking urban living. Take a closer look at the neighboring shopping centers and discover how the prime location of Parktown Residence, including the Parktown Residence Showflat, adds to its appeal.
for condo in District 10
An exciting opportunity to acquire a portfolio of four properties has arisen, as 155 Kitchener Road, 329 Changi Road, 362 Tanjong Katong Road, and 1 & 1B Figaro Street are now up for sale through an expression of interest (EOI) exercise. These properties, with a combined guide price of $78 million, can be purchased collectively or on an individual basis.
Strategically located in the city-fringe and eastern areas of Singapore, this portfolio comprises a diverse mix of property types. 155 Kitchener Road, 329 Changi Road, and 362 Tanjong Katong Road are all freehold assets, while 1 & 1B Figaro Street has a 9,999-year leasehold tenure.
One of the highlights of this portfolio is 155 Kitchener Road, a pair of two-storey conservation shophouses with a six-storey rear extension. With an asking price of $29 million, this property sits on a 2,713 sq ft land zoned for commercial use and boasts a total floor area of 8,175 sq ft. This translates to a competitive asking price of $3,547 psf.
Next, we have 329 Changi Road, a four-storey mixed-use building with an asking price of $26 million. This property, covering a land area of 3,819 sq ft, is zoned for residential with commercial use at the first storey. With a total floor area of 11,187 sq ft, the asking price comes to around $2,324 psf.
Moving on, we have 362 Tanjong Katong Road, a two-storey conservation shophouse that spans 2,025 sq ft of land zoned for residential with commercial use at the first storey. Priced at $11.5 million, this property has an attractive asking price of $3,026 psf, considering its total floor area of 3,800 sq ft.
The final property in this portfolio is 1 & 1B Figaro Street, comprising two adjoining ground-floor strata retail units. As part of a corner two-storey shophouse with residential and commercial zoning, these units cover a total strata area of approximately 3,763 sq ft. With an asking price of $11.5 million, or $3,056 psf, this property presents great potential for value enhancement.
CBRE, the marketing agent for this portfolio, mentions that the properties are currently tenanted by a diverse mix of occupants. Clemence Lee, executive director of capital markets at CBRE, also points out that each property has unique strengths and holds potential for further value enhancement. “Subject to approval from the relevant authorities, the incoming investor can explore options such as refreshing the tenant mix, applying for strategic usage approvals, or renovating and expanding the existing floor area for certain assets within the portfolio,” he says.
The EOI will close on November 5 at 3pm, providing interested parties ample time to consider this rare investment opportunity.
Source: CBRE