Axe Brand family pays S$25m for pair of Bukit Pasoh shophouses

Singapore

OCBC seems to be on a roll selling conservation shophouse properties of late.

It recently sold a pair of adjacent freehold shophouses at 11 and 13 Bukit Pasoh Road for S$25 million. The buyer is understood to be the Leong family behind the famous homegrown Axe Brand medicated oil.

The price works out to S$2,940 per square foot on the gross floor area (GFA) of 8,503 sq ft. The gross yield is about 1.5 per cent based on the existing rental income from the property.

Spanning three storeys and a mezzanine level, the shophouse p…