New Reporter
20-07-23, 12:45
Retail podium at 183 Longhaus up for sale with S$35 million guide price
Jul 19, 2023
THE retail podium at mixed-use development 183 Longhaus has been put on the market via expression of interest (EOI). The guide price is S$35.1 million, S$3 million lower than its previous price tag.
The freehold property in Upper Thomson was put up for sale in March last year with a guide price of S$38 million. The tender closed a month later on Apr 25, 2022, with no deal.
The new guide price of S$35.1 million works out to around S$3,109 per square foot (psf), based on a strata area of about 11,291 square feet (sq ft), said marketing agent Knight Frank on Wednesday (Jul 19).
This comprises the ground floor and basement, which house 10 shops and food-and-beverage units. Tenants include SOD Cafe, Woodlands Sourdough, global fitness franchise F45 Training, and popular beef restaurant Kow King of Wagyu.
“The property offers long-term capital appreciation to hedge against the volatile inflationary environment,” Knight Frank said.
It added there is further rental upside following lease renewals, along with potential rejuvenation from future development of the empty land parcels surrounding the development.
“Notably, the purchaser will get majority veto rights to en bloc with a total of 27.9 per cent in share value,” the property consultancy noted.
Knight Frank noted a healthy demand for strata retail units, despite there having been fewer transactions in the first half of 2023. From Jan 1 to Jun 7 this year, 91 units of strata commercial units were sold, 25.4 per cent fewer than the 122 transactions from July to December last year.
This was mainly due to the limited stock of investment-grade strata retail units for sale in prime locations, and also because the demand for commercial units stays in good shape with lesser supply.
This year to date, a total of 24 transactions of commercial units recorded prices of above S$4,000 psf, said Knight Frank. A ground-floor unit at Vision Exchange in Jurong East was sold for S$6,503 psf in February; another ground floor unit at Junction Nine in Yishun was sold for S$5,751 psf in April.
Completed in 2019, 183 Longhaus spans four storeys with 40 residential units and a retail podium. The property is accessible via major expressways and is within walking distance of the Upper Thomson MRT station; Marymount MRT station is two bus-stops away.
Nearby amenities include Shunfu Mart (Hawker and Wet Market) and a mix of cafes along Upper Thomson Road.
The expression of interest exercise will close at 3 pm on Aug 31, 2023.
https://www.businesstimes.com.sg/property/retail-podium-183-longhaus-sale-s35-million-guide-price
Jul 19, 2023
THE retail podium at mixed-use development 183 Longhaus has been put on the market via expression of interest (EOI). The guide price is S$35.1 million, S$3 million lower than its previous price tag.
The freehold property in Upper Thomson was put up for sale in March last year with a guide price of S$38 million. The tender closed a month later on Apr 25, 2022, with no deal.
The new guide price of S$35.1 million works out to around S$3,109 per square foot (psf), based on a strata area of about 11,291 square feet (sq ft), said marketing agent Knight Frank on Wednesday (Jul 19).
This comprises the ground floor and basement, which house 10 shops and food-and-beverage units. Tenants include SOD Cafe, Woodlands Sourdough, global fitness franchise F45 Training, and popular beef restaurant Kow King of Wagyu.
“The property offers long-term capital appreciation to hedge against the volatile inflationary environment,” Knight Frank said.
It added there is further rental upside following lease renewals, along with potential rejuvenation from future development of the empty land parcels surrounding the development.
“Notably, the purchaser will get majority veto rights to en bloc with a total of 27.9 per cent in share value,” the property consultancy noted.
Knight Frank noted a healthy demand for strata retail units, despite there having been fewer transactions in the first half of 2023. From Jan 1 to Jun 7 this year, 91 units of strata commercial units were sold, 25.4 per cent fewer than the 122 transactions from July to December last year.
This was mainly due to the limited stock of investment-grade strata retail units for sale in prime locations, and also because the demand for commercial units stays in good shape with lesser supply.
This year to date, a total of 24 transactions of commercial units recorded prices of above S$4,000 psf, said Knight Frank. A ground-floor unit at Vision Exchange in Jurong East was sold for S$6,503 psf in February; another ground floor unit at Junction Nine in Yishun was sold for S$5,751 psf in April.
Completed in 2019, 183 Longhaus spans four storeys with 40 residential units and a retail podium. The property is accessible via major expressways and is within walking distance of the Upper Thomson MRT station; Marymount MRT station is two bus-stops away.
Nearby amenities include Shunfu Mart (Hawker and Wet Market) and a mix of cafes along Upper Thomson Road.
The expression of interest exercise will close at 3 pm on Aug 31, 2023.
https://www.businesstimes.com.sg/property/retail-podium-183-longhaus-sale-s35-million-guide-price