Phoenix Property Investors puts Peck Seah shophouses on the market for $57.8m
Two Tanjong Pagar properties sold at S$21.8m; Fragrance boss James Koh bags Baghdad St shophouses for $19m
HONG KONG-BASED private equity real estate firm Phoenix Property Investors has put a row of six adjoining shophouses along Peck Seah Street near Tanjong Pagar MRT Station on the market.
The indicative price for 48 to 56 Peck Seah Street (even numbers only) is S$57.8 million, which works out to about S$2,900 per square foot (psf) on the total gross floor area (GFA) of some 19,938 sq ft.
Currently 82 per cent of the GFA is leased; on a fully let basis, the asking price would reflect a gross yield of close to 3 per cent, according to Clemence Lee, senior manager, capital markets at JLL, who is marketing the property through an expressions of interest exercise that will close on May 23.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Homebuyers shun new real estate in Vancouver, hurting builders
US pending home sales jump in March to hit highest in the year
Blackstone strikes US$1.6 billion student housing deal with KKR
European real estate deals slump to lowest level in 13 years
Singapore Q1 industrial rents rise further as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co