reporter2
14-10-15, 10:31
http://www.businesstimes.com.sg/real-estate/freehold-building-at-eunos-for-sale-asking-s14m
Freehold building at Eunos for sale, asking S$14m
The plot, owned by mattress retailer The Mattress Centre, is about 7,600 sq ft
By Lee Meixian
[email protected]@LeeMeixianBT
The property, five minutes from Eunos MRT station by foot, is currently zoned 'residential' with a plot ratio of 1.4. The ground floor has been approved for commercial use while the upper floors are apartments.
Oct 8, 2015
A THREE-STOREY standalone freehold building at 8 Jalan Ismail, currently known as The Mattress Centre, has been put up for sale via an expression of interest exercise. The seller is looking at an indicative price of S$14 million.
The property, five minutes from Eunos MRT station by foot, is currently zoned 'residential' with a plot ratio of 1.4 and sits on a land area of about 7,664 square feet (sq ft) with a gross floor area (GFA) of about 9,248 sq ft.
Its plot ratio means that it can be built up to a total GFA of 10,730 sq ft. The current indicative price translates to S$1,514 per square foot.
The property has been strata-titled into four strata lots. The entire building is being used by the current owner, which is mattress retailer The Mattress Centre.
The ground floor has been approved for commercial use and is operating as a showroom and sales office, while the upper floors are apartments that the seller lives in with his family.
Shaun Poh, executive director of capital markets at Cushman & Wakefield, says the building is very visible with double prominent frontages along Jalan Eunos and Jalan Ismail. The private open carpark in front of the building, also for sale as part of the property, will also be attractive to any retailers on the ground floor space, he adds.
Mr Poh expects interest to come from a wide variety of buyers including high net worth individuals, corporate end-users and developers.
He adds that the property will be ideal for an individual or company hoping to own a freehold building for his/its own use or investment.
Given that there is about 15 per cent unutilised gross floor area, the buyer can also choose to increase the usable area, or redevelop it into a landed housing development or an apartment, subject to approval.
The expression of interest exercise will close on Nov 3, 2015 at 3pm.
In recent times, properties that have also been put up for sale in the similar price range include:
a row of five adjoining three-storey conservation shophouses in Geylang Road (indicative price: S$28.8 million);
the entertainment complex at 1 and 3 Yuan Ching Road commonly known as SuperBowl Jurong (indicative price: S$20 million);
a row of five conserved shophouses in the Joo Chiat Conservation Area (indicative price: more than S$14 million);
a pair of adjoining commercial shophouses at 205 and 207 New Bridge Road (indicative price: S$28 million);
But in this quiet property market, Savills data shows that investment sales of property - big-ticket transactions of at least S$10 million - have plunged to S$2.9 billion in Q3, less than half the S$6.1 billion in the previous quarter and a big year-on-year drop from the S$5.6 billion transacted in Q3 2014.
Freehold building at Eunos for sale, asking S$14m
The plot, owned by mattress retailer The Mattress Centre, is about 7,600 sq ft
By Lee Meixian
[email protected]@LeeMeixianBT
The property, five minutes from Eunos MRT station by foot, is currently zoned 'residential' with a plot ratio of 1.4. The ground floor has been approved for commercial use while the upper floors are apartments.
Oct 8, 2015
A THREE-STOREY standalone freehold building at 8 Jalan Ismail, currently known as The Mattress Centre, has been put up for sale via an expression of interest exercise. The seller is looking at an indicative price of S$14 million.
The property, five minutes from Eunos MRT station by foot, is currently zoned 'residential' with a plot ratio of 1.4 and sits on a land area of about 7,664 square feet (sq ft) with a gross floor area (GFA) of about 9,248 sq ft.
Its plot ratio means that it can be built up to a total GFA of 10,730 sq ft. The current indicative price translates to S$1,514 per square foot.
The property has been strata-titled into four strata lots. The entire building is being used by the current owner, which is mattress retailer The Mattress Centre.
The ground floor has been approved for commercial use and is operating as a showroom and sales office, while the upper floors are apartments that the seller lives in with his family.
Shaun Poh, executive director of capital markets at Cushman & Wakefield, says the building is very visible with double prominent frontages along Jalan Eunos and Jalan Ismail. The private open carpark in front of the building, also for sale as part of the property, will also be attractive to any retailers on the ground floor space, he adds.
Mr Poh expects interest to come from a wide variety of buyers including high net worth individuals, corporate end-users and developers.
He adds that the property will be ideal for an individual or company hoping to own a freehold building for his/its own use or investment.
Given that there is about 15 per cent unutilised gross floor area, the buyer can also choose to increase the usable area, or redevelop it into a landed housing development or an apartment, subject to approval.
The expression of interest exercise will close on Nov 3, 2015 at 3pm.
In recent times, properties that have also been put up for sale in the similar price range include:
a row of five adjoining three-storey conservation shophouses in Geylang Road (indicative price: S$28.8 million);
the entertainment complex at 1 and 3 Yuan Ching Road commonly known as SuperBowl Jurong (indicative price: S$20 million);
a row of five conserved shophouses in the Joo Chiat Conservation Area (indicative price: more than S$14 million);
a pair of adjoining commercial shophouses at 205 and 207 New Bridge Road (indicative price: S$28 million);
But in this quiet property market, Savills data shows that investment sales of property - big-ticket transactions of at least S$10 million - have plunged to S$2.9 billion in Q3, less than half the S$6.1 billion in the previous quarter and a big year-on-year drop from the S$5.6 billion transacted in Q3 2014.