2 Tg Katong shophouses put up for public tender

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2 Tg Katong shophouses put up for public tender

Owner seeking $10m to $12m for properties in conservation area

Published on Oct 16, 2012

By Amanda Tan


A PAIR of shophouses on Tanjong Katong Road have been put up for sale in a public tender, seeking offers of $10 million to $12 million.

The four-storey properties, owned by a family trust, consist in total of two retail units on the ground floor and six apartments on the upper floors.

They are within the gazetted Tanjong Katong Conservation Area, which gained that status in 2003 for its ornate architecture in styles such as Art Deco.

The properties, sitting on a plot totalling 354.1 sq m in area, are tenanted, with an estimated total gross monthly rental income of $18,350.

The buildings can be used as a student hostel or staff housing, subject to the approval of the authorities, said Mr Karamjit Singh, head of investments and residential at Jones Lang LaSalle.

"Alternatively, the buyer may wish to consider refurbishing the buildings before renting them out for better rental yield, or to refurbish and strata-title them before selling them as individual shops and apartment units," he added.

Jones Lang LaSalle, the sole marketing agent, said mixed-use properties with retail space on the ground floor have been gaining in popularity among buyers and investors recently.

Many mixed-use sites, such as Tai Keng Gardens and Novena Ville, put up for sale by tender, have been well-received by developers.

For instance, Novena Ville went for $131.52 million in May to a Fragrance Group subsidiary. The sale generated profits of about 30 per cent to 40 per cent above current market prices for both apartment and shop owners.

The tender for the site closes on Nov 2.

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http://www.businesstimes.com.sg/spec...-sale-20121016

Published October 16, 2012

Two sets of Tg Katong shophouses for sale

Family trust owner wants $10-12m for 4-storey properties in conservation area

By zeinab yusuf saiwalla


[SINGAPORE] A pair of freehold four-storey shophouses at Tanjong Katong Road, owned by a family trust, has been launched for sale by public tender. The owner is seeking offers in the region of $10-12 million for the plot of land which measures 3,811 square feet with a total gross floor area of 11,046 sq ft.

Located within the gazetted Tanjong Katong Conservation area, the properties consist of two units of retail shops on the ground floor and six units of apartments on the upper floors.

Tanjong Katong was given conservation status on Dec 1, 2003, and is characterised by the ornate late style and the more geometric art deco style shophouses together with the more streamlined modern style shophouses built after World War II.

The subject site is zoned Residential with Commercial on the first storey and has a gross plot ratio of 3.0.

"Given the location and the three floors of residential space, the properties may be suitable for use as staff quarters or student hostel. The uses are, however, subject to the approval of the relevant authorities," said Karamjit Singh, head of investments and residential at Jones Lang LaSalle.

"Alternatively, the buyer may wish to consider refurbishing the buildings before renting them for better rental yield, or to refurbish and strata-title them before selling them as individual shops and apartment units," Mr Singh added.

The properties are currently fully tenanted with estimated total gross monthly rental revenue of $18,350.

The tender for the subject properties closes on Nov 2, 2012 (a Friday), at 2.30pm.