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Thread: 65 retail units at Hougang project sold during preview

  1. #1
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    Default 65 retail units at Hougang project sold during preview

    http://www.businesstimes.com.sg/arch...eview-20130425

    Published April 25, 2013

    65 retail units at Hougang project sold during preview

    Some 40 of the 160 residential units in The Midtown mixed development also find takers

    By Kalpana Rashiwala


    The Midtown: Oxley Holdings and Lian Beng are building the project on the former Hougang Plaza site - PHOTO: OXLEY

    OXLEY Holdings and Lian Beng sold about 60 per cent or 65 of the 107 retail units of The Midtown development in Hougang at the project's preview yesterday. They also found buyers for about 40 of the 160 residential units at Midtown Residences, BT understands.

    The 12-storey mixed-development project will come up on the former Hougang Plaza site, which the duo picked up from CapitaMall Trust for $119.1 million last year. The site's lease has been topped up to 99 years.

    The 160 residential units are understood to have been priced at around $1,400 per square foot (psf) on average after all discounts. The units range from 441 sq ft for a one-bedroom apartment with a study to 1,572 sq ft for a penthouse.

    Absolute prices start at around $660,000 for a one-bedder on a low level, reflecting about $1,500 psf. The priciest unit, a four-bedroom penthouse, costs nearly $2.1 million, which works out to around $1,330 psf. Units at both ends of this spectrum are among those understood to have been sold.

    The project's 107 retail units comprise 55 food and beverage (F&B) units, 51 shop units and a supermarket space. The F&B units are duplex spaces with sizes of 721-969 sq ft and are priced at $4,039 psf on average, or between $3,588 psf and $5,013 psf.

    Absolute prices of the F&B units are said to start at slightly above $2.8 million for a 786-sq-ft unit; this works out to nearly $3,590 psf. The priciest F&B unit is around $4.3 million (or around $4,460 psf based on its strata area of 958 sq ft).

    Shop units span from 258 sq ft to 893 sq ft and cost between $4,687 psf and $6,737 psf; the average price is nearly $5,800 psf. Absolute prices of the shops range from $1.5 million to nearly $4.2 million, BT understands.

    Sources suggest that balloting was done for only about half of the 40-odd shop units and only a few of the 20-odd F&B spaces that were sold yesterday.

    Gauging from this, as well as the response to Novena Regency released earlier this month, some market watchers are wondering if buying interest in new launches of strata retail units could be starting to thin, compared with the frenzy seen during the release of Alexandra Central in January and Pavilion Square in Geylang Road last month.

    Transactions for strata retail units, especially small units, gained momentum in the past couple of years as investors diversified from the residential sector, which has been the target of various rounds of property cooling measures here. Demand has been spurred by the launch of projects with small strata retail units.

    Last month, the Urban Redevelopment Authority introduced a minimum average size for retail units of 50 square metres (538 square feet), along with guidelines for minimum corridor widths for retail developments.

  2. #2
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    Problem about individual strata-titled retail shops: no control of tenant mix.
    Imagine you have 30 bubble tea shops, 20 pedicure shops, 40 hair salons in the shopping centre.

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    Quote Originally Posted by sunboy77
    Problem about individual strata-titled retail shops: no control of tenant mix.
    Imagine you have 30 bubble tea shops, 20 pedicure shops, 40 hair salons in the shopping centre.
    Could be a breath of fresh air vs the cookie cutter malls these days that look all the same.

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    Quote Originally Posted by sunboy77
    Problem about individual strata-titled retail shops: no control of tenant mix.
    Imagine you have 30 bubble tea shops, 20 pedicure shops, 40 hair salons in the shopping centre.
    then u drink bubble tea cut ur nails cut ur hair and GO home
    In the final analysis.....its NOT whether you have a diploma,degree,masters OR PHD....its whether you have a HDB/PC/EC or LANDED...

  5. #5
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    Quote Originally Posted by radha08
    then u drink bubble tea cut ur nails cut ur hair and GO home
    Ya can try different flavors n styles n bring different pple back everyday.
    click: 🏢shoeboxmickeymousehouse 🏢

  6. #6
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    Think.. Why Captialand sold it away? Don't tell me they have earn enough and want to share the wealth with retail investor? Hahaha...

    1400 psf... Why dun buy riversails? The money can buy car and drive to mrt or take taxi to mrt for dun know how many decades. Or buy sennett or san ritz? That may explain why only 25% sold only?

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    1400psf for Hougang? seriously ....

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    Quote Originally Posted by sunboy77
    Problem about individual strata-titled retail shops: no control of tenant mix.
    Imagine you have 30 bubble tea shops, 20 pedicure shops, 40 hair salons in the shopping centre.
    This comment is amatuerish.
    If you are a tenant and you know there are 39 bubble tea shops in the building, will you want to be the 40th ?

    Its all a commercial decision. Look at Lucky Plaza - which landlord is not laughing until they have to crawl to the bank?

    Strata Title shops amongst those single landlord owners can benefit from the high rental single landlords fixed.

    But of course all is not fairy tales la... have to look at the traffic and human flow. Imagine a strata title shop at Raffles Place or Robinson Road or Lucky Plaza - confirm you will be laughing too !

    DKSG

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    Another update on this Hougang Mall thing.
    The reporter failed to point out the real reasons for the units at Novena Regency and this HG Mall not moving ... let Office Boy shal this secret with you ...

    It is because the quantum is too HUGE for retail investors, if you went to the Novena Regency showflat, you will realise that those priced at $1.x mil ones are nearly all sold (or all sold?!) those remaining are the $2.x mil ++++ ones.

    When comparing investing in a shop or residential, people can only buy what their cash can buy.

    Now with the new rules on strata title shops, the next wave will be a upswing in shops of 1xx sqft previously sold and cheap compared to current 9-10K psf ...

    Good Luck hunting, if you find it, you will be greatly rewarded !

    DKSG

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