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14 March 2013

14th March, Thursday


Investment Sales


S'pore Shopping Centre units on en bloc sale

Source: Business Times

Forty-three commercial strata units in Singapore Shopping Centre are up in the market for a collective sale.

The shop and office spaces, measuring 22,980 sq ft in all, were put up via an expression of interest that closes on 16 April.

The vendor is looking for offers in the region of $38 million or $1,650 per sq ft.

The 43 units in the seven-storey development, which has 34 years left on its 99-year lease, constitute 22.6 per cent of the building's total strata area and will give the buyer 19.8 per cent of its total share value.

A single sale to a sole buyer is preferred. Alternatively, interested parties can also make separate purchases in three lots at a price of $1,650 psf as well.

The first parcel is for the 8,654 sq ft space stretched across 16 contiguous units on the fourth floor. The next two lots are on the sixth floor, with one parcel comprising 10,797 sq ft in 18 adjoining units, and the other, 3,529 sq ft from nine adjacent units that are currently unoccupied.

A third floor shop unit was the latest transaction to be made in the building. It changed hands in January this year at $1,394 psf for the 215 sq ft space.


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