reporter2
22-01-14, 11:00
http://www.businesstimes.com.sg/archive/thursday/specials/property/52-strata-office-units-arc-380-sold-20140121
Published January 21, 2014
52 strata office units at ARC 380 sold
Nine retail units at the 16-storey Lavender Street project find buyers
By kalpana rashiwala
[SINGAPORE] All 52 strata office units available for sale at the ARC 380 project in Lavender Street/Jalan Besar have been sold.
However, only nine of the 19 retail units have found buyers.
The 16-storey freehold project, being undertaken by two companies associated to Tong Eng Group, will come up on the current Eminent Plaza and next-door Lavender Food Square site. It is located near the upcoming Bendemeer MRT Station on the Downtown Line.
Two office floors were picked up during a VIP preview last Thursday - one at $22.6 million and the other at $23.1 million, translating to $2,410 per square foot and $2,464 psf, respectively.
Each floor comprises 12 strata office units totalling 9,375 sq ft. The balance 28 office units - ranging in size from 65 square metres (700 square feet) to 93 sq m (1,001 sq ft) were sold on Thursday and Friday at prices ranging from $2,380 psf to $2,620 psf. Absolute prices were between $1.68 million and $2.45 million.
All prices are after early-bird discounts of 2-4 per cent.
The 52 office units sold are on Levels 5-8 and part of Level 9. The rest of the offices on Levels 9-16 will be retained for long-term investment.
Tong Eng assistant marketing manager Darren Lim said that 91 per cent of the 52 office units were bought by Singaporeans, 5 per cent by Singapore permanent residents and 4 per cent by foreigners.
The nine ground-floor retail units were all bought by Singaporeans. They were sold at between $1.97 million (for a 31 sq m/334 sq ft shop unit) and $4.9 million (77 sq m/829 sq ft F&B space). Both ends of the absolute price spectrum work out to slightly over $5,900 psf.
However, the range of psf prices for the nine retail units was $5,800-$6,400.
Prominent Site Pte Ltd and Prominent Plaza Investments Pte Ltd - which are linked to the Tong Eng Group and developing ARC 380 - will keep four retail units for long-term investment.
ARC 380 will have 82 carpark lots on Levels 2 and 3 and part of Level 4, which will also feature a landscaped deck with a garden and barbecue pit.
The 16-storey development's roof terrace will have a 25-metre lap pool, gym and a function room. DP Architects designed the project.
The developers will not allow a range of uses in the premises under a restrictive covenant on titles for the strata retail units: amusement centre; betting outlet; nightclub, karaoke, lounge; hostess bar, hostess pub; massage establishment; money lending; funeral parlour, coffin shop, undertaker; cybercafe; and billiards saloon.
The restrictive covenant is for an initial 20-year period from the project's completion and can be extended by the developers for further terms of 20 years each so long as they own units in the project.
Published January 21, 2014
52 strata office units at ARC 380 sold
Nine retail units at the 16-storey Lavender Street project find buyers
By kalpana rashiwala
[SINGAPORE] All 52 strata office units available for sale at the ARC 380 project in Lavender Street/Jalan Besar have been sold.
However, only nine of the 19 retail units have found buyers.
The 16-storey freehold project, being undertaken by two companies associated to Tong Eng Group, will come up on the current Eminent Plaza and next-door Lavender Food Square site. It is located near the upcoming Bendemeer MRT Station on the Downtown Line.
Two office floors were picked up during a VIP preview last Thursday - one at $22.6 million and the other at $23.1 million, translating to $2,410 per square foot and $2,464 psf, respectively.
Each floor comprises 12 strata office units totalling 9,375 sq ft. The balance 28 office units - ranging in size from 65 square metres (700 square feet) to 93 sq m (1,001 sq ft) were sold on Thursday and Friday at prices ranging from $2,380 psf to $2,620 psf. Absolute prices were between $1.68 million and $2.45 million.
All prices are after early-bird discounts of 2-4 per cent.
The 52 office units sold are on Levels 5-8 and part of Level 9. The rest of the offices on Levels 9-16 will be retained for long-term investment.
Tong Eng assistant marketing manager Darren Lim said that 91 per cent of the 52 office units were bought by Singaporeans, 5 per cent by Singapore permanent residents and 4 per cent by foreigners.
The nine ground-floor retail units were all bought by Singaporeans. They were sold at between $1.97 million (for a 31 sq m/334 sq ft shop unit) and $4.9 million (77 sq m/829 sq ft F&B space). Both ends of the absolute price spectrum work out to slightly over $5,900 psf.
However, the range of psf prices for the nine retail units was $5,800-$6,400.
Prominent Site Pte Ltd and Prominent Plaza Investments Pte Ltd - which are linked to the Tong Eng Group and developing ARC 380 - will keep four retail units for long-term investment.
ARC 380 will have 82 carpark lots on Levels 2 and 3 and part of Level 4, which will also feature a landscaped deck with a garden and barbecue pit.
The 16-storey development's roof terrace will have a 25-metre lap pool, gym and a function room. DP Architects designed the project.
The developers will not allow a range of uses in the premises under a restrictive covenant on titles for the strata retail units: amusement centre; betting outlet; nightclub, karaoke, lounge; hostess bar, hostess pub; massage establishment; money lending; funeral parlour, coffin shop, undertaker; cybercafe; and billiards saloon.
The restrictive covenant is for an initial 20-year period from the project's completion and can be extended by the developers for further terms of 20 years each so long as they own units in the project.