Kevin Tan
29-03-16, 11:05
http://www.theedgeproperty.com.sg/content/food-courts-sale
Food courts for sale
By Michael Lim / The Edge Property | March 16, 2016 10:00 AM MYT
Tags: TampinesFood Court
The corner coffeee shop in Tampines, which has living quarters on the second level, occupies a total area of 3,800 sq ft.
Click here for more listings of shops near Tampines MRT station.
Two food courts — at Midpoint Orchard and in Tampines — have been put up for sale by expressions of interest (EOIs).
The food court at Midpoint Orchard is in the basement of the mall. It has a strata floor area of 2,648 sq ft and space for four food stalls and a drinks stall. The freehold unit has been leased to a master lessee for between $25,000 and $30,000 a month until year-end. The guide price is $11 million ($4,154 psf) to $12 million ($4,531 psf), which is close to valuation. This translates into a gross rental yield of 2.7% to 3%, says Mary Sai, executive director of investment and capital markets at Knight Frank, the marketing agent for both food courts.
The most recent transaction for a unit in the basement of Midpoint Orchard was in October 2014, when a 280 sq ft unit changed hands for $1.35 million ($4,824 psf). A 323 sq ft unit on the second floor was sold for $1.28 million ($3,964 psf) in February 2015, according to URA Realis. “There is still a place for such small food courts on prime Orchard Road,” says Sai.
http://www.theedgeproperty.com.sg/content/food-courts-sale
Food courts for sale
By Michael Lim / The Edge Property | March 16, 2016 10:00 AM MYT
Tags: TampinesFood Court
The corner coffeee shop in Tampines, which has living quarters on the second level, occupies a total area of 3,800 sq ft.
Click here for more listings of shops near Tampines MRT station.
Two food courts — at Midpoint Orchard and in Tampines — have been put up for sale by expressions of interest (EOIs).
The food court at Midpoint Orchard is in the basement of the mall. It has a strata floor area of 2,648 sq ft and space for four food stalls and a drinks stall. The freehold unit has been leased to a master lessee for between $25,000 and $30,000 a month until year-end. The guide price is $11 million ($4,154 psf) to $12 million ($4,531 psf), which is close to valuation. This translates into a gross rental yield of 2.7% to 3%, says Mary Sai, executive director of investment and capital markets at Knight Frank, the marketing agent for both food courts.
The most recent transaction for a unit in the basement of Midpoint Orchard was in October 2014, when a 280 sq ft unit changed hands for $1.35 million ($4,824 psf). A 323 sq ft unit on the second floor was sold for $1.28 million ($3,964 psf) in February 2015, according to URA Realis. “There is still a place for such small food courts on prime Orchard Road,” says Sai.
http://www.theedgeproperty.com.sg/content/food-courts-sale