Automobile association pays $43m for East Coast building
Price translates to 4.5% gross yield; purchase said to be for investment
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Kalpana Rashiwala
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[SINGAPORE] The Automobile Association of Singapore (AAS) is buying a five-storey commercial building at the corner of East Coast Road and Chapel Close for $43 million.
The association is understood to be buying the freehold building, named Tides, as an investment property. The building is fully leased with food and beverage (F&B) outlets on Level 1, shops on Level 2 and offices on the third to fifth levels.
Located in District 15, Tides is in an established lifestyle and F&B enclave. The top two levels of the blue building are set back from the East Coast Road frontage of the property by a roof terrace above the third level. The net lettable area is 22,927 sq ft. Tides has 18 basement car-park lots.
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