reporter2
03-04-13, 11:25
http://www.straitstimes.com/archive/wednesday/premium/money/story/san-centre-sold-chip-eng-seng-113m-20130327
COMPANIES
San Centre sold to Chip Eng Seng for $113m
Published on Mar 27, 2013
By Esther Teo Property Correspondent
THE year's first commercial collective sale was inked yesterday as San Centre in Chin Swee Road sold for $113 million.
Property and construction firm Chip Eng Seng bought the 12-storey office building for $857 per sq ft (psf) per existing gross floor area.
The 28,719 sq ft plot can be redeveloped into a 20-storey commercial or mixed commercial and hotel complex.
At least 60 per cent must be set aside for commercial use.
Owners of San Centre will be receiving a gross sale price ranging from about $400,000 to $2.25 million, marketing agent Jones Lang LaSalle (JLL) said in a statement yesterday.
"In a location flanked by the central business district, the culturally rich Chinatown... and the vibrant Robertson Quay, a hotel redevelopment would cater to business travellers and tourists," added Mr Karamjit Singh, JLL's head of investments and residential.
"It is also viable to retain its use as an office building, as its close proximity to the Subordinate Courts could appeal to small and medium-sized law firms as potential buyers or tenants."
Demand remains strong for properties with commercial or hotel redevelopment potential, noted Mr Singh.
Built in the 1970s, San Centre has 107 strata-titled office units and 80 carpark spaces.
It is zoned for commercial use under the 2008 Masterplan.
[email protected]
COMPANIES
San Centre sold to Chip Eng Seng for $113m
Published on Mar 27, 2013
By Esther Teo Property Correspondent
THE year's first commercial collective sale was inked yesterday as San Centre in Chin Swee Road sold for $113 million.
Property and construction firm Chip Eng Seng bought the 12-storey office building for $857 per sq ft (psf) per existing gross floor area.
The 28,719 sq ft plot can be redeveloped into a 20-storey commercial or mixed commercial and hotel complex.
At least 60 per cent must be set aside for commercial use.
Owners of San Centre will be receiving a gross sale price ranging from about $400,000 to $2.25 million, marketing agent Jones Lang LaSalle (JLL) said in a statement yesterday.
"In a location flanked by the central business district, the culturally rich Chinatown... and the vibrant Robertson Quay, a hotel redevelopment would cater to business travellers and tourists," added Mr Karamjit Singh, JLL's head of investments and residential.
"It is also viable to retain its use as an office building, as its close proximity to the Subordinate Courts could appeal to small and medium-sized law firms as potential buyers or tenants."
Demand remains strong for properties with commercial or hotel redevelopment potential, noted Mr Singh.
Built in the 1970s, San Centre has 107 strata-titled office units and 80 carpark spaces.
It is zoned for commercial use under the 2008 Masterplan.
[email protected]