Prime ground-floor unit at Shenton House to go under the hammer (Amended)

Singapore

A GROUND-FLOOR shop/showroom unit at Shenton House with an indicative price of S$13.3 million, and an old semi-detached house along Marshall Road that is ripe for redevelopment will be making their auction debut at Colliers International's auction on Nov 20.

The Shenton House unit is being offered by its owner - an investment company that has leased the 6,630-square-feet unit to a tenant that uses it as a jewellery shop and showroom. The monthly rental is S$39,786 (inclusive of service charge) and the lease runs until August 2017 with an option to renew for two years at a rental rate to be agreed. Based on the S$13.3 million indicative price and the current rental, the net yield would be close to 3 per cent, said Colliers' deputy managing director Grace Ng. The gross rent works out to S$6 per square foot (psf) a month, and when the lease expires, the space may be subdivided into smaller units - to fetch higher psf rent.