2 clusters of commercial property go on sale

TWO clusters of commercial property went on sale yesterday. The first was a group of five freehold shophouses on Upper Bukit Timah Road.

The investment holding firm owner is seeking between $26 million and $27.5 million for the lot.

The two-storey shophouses have a combined area of 10,259 sq ft and an existing total floor area of 16,377 sq ft.

They are at 826/A to 834/A Upper Bukit Timah Road and can be used for commercial purposes on the ground floor and residential use on the second floor.

The shophouses can also be redeveloped into a purely residential development, said joint marketing agents Jones Lang LaSalle and CBRE in a statement.

The price works out to $933 to $987 per sq ft (psf) based on the approved residential gross floor area. Alternatively, it comes up to $1,102 to $1,163 psf based on the approved mixed commercial-residential gross floor area.

Separately, the 20th floor at Peninsula Plaza was also put on the market at an indicative price of $21.3 million yesterday.

The entire floor is owned by a shipping firm.

There are six strata units with a combined area of 8,514 sq ft that comes with a 999-year leasehold tenure. The unit sizes range from 990 sq ft to 1,776 sq ft.

The price tag of $21.3 million works out to about $2,500 psf based on the total area, said marketing agent DTZ in a statement.

The sixth floor of Peninsula Plaza was put up for sale in August at a price of over $32.5 million for a total area of 13,014 sq ft which also translates to about $2,500 psf. It has not been sold.

The agents are inviting expressions of interest for both clusters of properties.

Potential buyers are to indicate their interest for the shophouses by Nov 28 and for the Peninsula Plaza strata units by Dec 3.


Source: Straits Times, 22 Oct 2013