Basement-level KTV unit at The Adelphi up for sale via expression of interest

A 999-year leasehold strata retail unit approved for KTV use at The Adelphi is up for sale via expression of interest, exclusive marketing agent CBRE said on Monday.

Fully leased to a KTV tenant, the commercial unit has a strata area of 4,090 square feet and was previously approved for restaurant use. It is located next to an escalator, which facilitates high visibility and footfall, CBRE said.

The marketing agent said the past five years saw only a handful of transactions for basement units at The Adelphi, which were transacted within the range of S$2,685 to S$3,573 per square foot.

The Adelphi, known as a go-to place for high-end audio equipment, is a mixed-use 10-storey development in City Hall. It comprises a five-storey retail podium and a six-storey office block, with four levels of basement parking offering 382 car park lots.

Located at 1 Coleman Street, the development is near City Hall MRT station and is surrounded by landmarks such as the National Gallery Singapore, Funan mall, Capitol Singapore and the Capitol Kempinski Hotel. Other developments in the vicinity include Duo Tower and The South Beach.

The Adelphi's basement level, where the KTV unit is located, is home to food and beverage offerings that serve office workers within the property and nearby office developments, CBRE said.

There is no additional buyer's stamp duty or seller's stamp duty imposed on the purchase of the strata retail unit. Foreigners are also eligible to purchase the property.

CBRE's senior director of capital markets, Singapore, Clemence Lee, said: "We are confident that the property will draw strong interest from astute investors who are looking to acquire a prime strata retail unit within the City Hall area to capitalise on its vibrancy."

The expression of interest exercise will close on May 18, 3pm.