Mixed-use buildings, strata-titled units up for sale with S$51m indicative price

TWO mixed-use buildings, a shophouse and six units at a light industrial building have been put up for sale with a total indicative price of S$51 million, sole marketing agent CBRE said on Wednesday.

Their yield is about 3 per cent based on a 95 per cent occupancy rate as at March 31.

The freehold properties have been divided into two clusters. The clusters can be bought individually or as an entire portfolio.

The first cluster has a S$30 million guide price and is made up of the two mixed-use buildings. The price translates to about S$1,895 per square foot (psf) based on the maximum permissible gross floor areas (GFA).

The first property, located at 104 and 106 Jalan Jurong Kechil, is a four-storey development which sits on 3,623 square feet (sq ft) of land zoned "residential with commercial at first storey".

It has a maximum GFA of about 8,507 sq ft, has undergone extensive additions and alterations works in 2016, and is fully tenanted as at March 31.

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The building has businesses on the first two floors and 16 residential units on the third and fourth floors.

The second property is located at 261 Outram Road and is a four-storey pre-war conservation block with an estimated built-up area of 7,325 sq ft.

It sits on a 2,276 sq ft site zoned "residential with commercial at first storey" and is fully tenanted.

The second cluster, comprising the strata-titled shophouse and six units at a light industrial building, has a S$21 million indicative price, or about S$1,558 psf.

The two-storey shophouse is located at 101 and 101A Soo Chow Walk and has a total strata floor area of 3,477 sq ft.

It sits on a site listed under the Urban Redevelopment Authority's two-storey envelope control and street block plan and is zoned for full commercial usage.

It has a frontage of 35 metres along Soo Chow Walk and Lor Mega, and is currently tenanted to a commercial school.

The property is open to both local and foreign buyers with no additional buyer's stamp duty or seller's stamp duty required.

Meanwhile, the six strata-titled units are within the Ann Chuan Complex, a six-storey light industrial building located at 115 King George's Avenue.

The units' total strata floor area is about 9,999 sq ft. Five units can be used for light industrial activities while the last unit is located on the ground floor and approved for food and beverage use.

Stephen Ho, head of residential services at CBRE, said CBRE expects more investors to turn to real estate as a defensive play in view of the current low interest rate environment.

The expression of interest exercise for the properties will close on May 6, 3pm.