International property consultant, Colliers International is putting up for sale – by Expression of Interest – a total of 43 strata-titled units sprawled across the fourth and sixth storeys in Singapore Shopping Centre which is located at 190 Clemenceau Avenue.
Interested buyers are invited to submit their offer to Colliers International by May 26, 2011.
The 43 units, which have a total floor area of approximately 23,046 sq ft, will be sold either as an entirety or separately in parcels based on their tenancy expiration.
Individual unit size ranges from 387 sq ft to 2,195 sq ft. The units are contiguous, and all of them are column free and have a 99-year leasehold tenure (w.e.f. May 1, 1948). While 10 of the units will be sold with vacant possession, the remaining 33 units are currently tenanted with the last tenancy expiring on December 14, 2012.
The indicative price is approximately S$1,400-1,500 per sq ft.
Ms Grace Ng (黄黎明), Deputy Managing Director of Colliers International, says, “Prime strata-titled commercial units are rarely made available for sale; hence, this presents a good opportunity for investors or buyers looking for own occupation to purchase a sizeable commercial space in a well-located development. Units facing Clemenceau Avenue will also enjoy an unblocked view of the adjacent neighborhood.”
Ms Ng continues, “Given a rosy demand outlook for the office property market in 2011, in which rents are expected to trend up between 15 and 20 percent – amid strengthening business confidence, limited office supply, strong occupier demand, high liquidity and low interest rates – the successful buyer could also choose to lease out the units, which are suited for training centres, schools, offices, spas and companies from the beauty industry.”
“Commercial properties are considered a more attractive investment option as they give an average yield of some five per cent, which is higher than residential properties which give an average yield of about two per cent,” adds Ms Ng.
Located prominently at the junction of Penang Road and Clemenceau Avenue, Singapore Shopping Centre, which recently underwent a facelift and takes on a modernized building façade now, is a seven-storey commercial development, comprising retail shops and office units, as well as a basement car park. It is situated opposite Dhoby Ghaut MRT station. The locality comprises a mixture of commercial and residential developments – including Oxley Apartment, Park Mall, Plaza Singapura, The Atrium@Orchard, The MacDonald House and Vision Crest, among others.