K Line sells six shophouses on Peck Seah St for S$42.8 million to fund manager

Singapore

A FUND managed by Phoenix Property Investors has made its maiden acquisition in Singapore.

The Pan-Asian private equity property fund manager is buying a row of six shophouses along Peck Seah Street near Tanjong Pagar MRT Station for S$42.8 million. The price works out to S$2,155 per square foot (psf) on gross floor area (GFA) of 19,860 sq ft. The shophouses are on 8,213 sq ft of land that has a balance lease tenure of about 78 years.

Phoenix is buying the shophouses from K Line (Singapore), which has occupied the premises for the past 171/2 years. The Japanese shipping line will move out of the shophouses in March this year and relocate to a CBD office building as it has outgro…