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Thread: Aspial unit bags 18 shophouses for $25.6m

  1. #1
    mr funny is offline Any complaints please PM me
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    Default Aspial unit bags 18 shophouses for $25.6m

    http://www.businesstimes.com.sg/sub/...45605,00.html?

    Published August 12, 2009

    Aspial unit bags 18 shophouses for $25.6m


    WORLD Class Land, a subsidiary of listed Aspial Corporation, has bought a cluster of 18 freehold shophouses fronting Joo Chiat and Onan roads for $25.63 million.

    'The transacted price reflects $410 per square foot on the existing gross floor area of 62,489 sq ft. Upon redevelopment, the property may have the potential of achieving a gross floor area of 81,000 sq ft,' said Credo Real Estate managing director Karamjit Singh, whose firm handled the sale of the properties through a tender that closed last week.

    The seller is a family trust.

    The properties comprise two back-to-back rows of nine units of three-storey shophouses with a site area of 35,440 sq ft.

    Under Master Plan 2008, the shophouses along Joo Chiat Road are gazetted as conservation buildings with a 3.0 gross plot ratio, while the portion that fronts Onan Road is zoned for residential use with a 1.4 gross plot ratio.

    'The buyer may consider refurbishing the buildings while adding more floor area to the shophouses in Joo Chiat Road before renting them or selling them as individual shophouse units,' Mr Singh said.

    'As for the Onan Road shophouses, the buyer has the option to redevelop them into a residential block of up to five storeys or refurbish them for sale or investment.

    'The tender attracted developers and private investors with experience in restoring conservation shophouses.'

  2. #2
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    Default Joo Chiat shophouses sold for S$25.6m to World Class Land

    http://www.channelnewsasia.com/stori...448216/1/.html

    Joo Chiat shophouses sold for S$25.6m to World Class Land

    By Yasmine Yahya, Channel NewsAsia | Posted: 11 August 2009 2315 hrs


    SINGAPORE: A cluster of 18 shophouses fronting Joo Chiat Road and Onan Road has been sold to property developer World Class Land for S$25.6 million.

    This translates to S$410 per square foot on the existing gross floor area of the properties.

    World Class Land is a unit of public-listed Aspial Corp.

    The freehold site consists of two back-to-back rows of nine shophouses, each three-storeys tall.

    The total gross floor area of the 18 shophouses is estimated to be about 62,500 square feet.

    Under the 2008 Master Plan, these shophouses are gazetted as conservation buildings.

    In a statement, Aspial said it plans to develop a mixed commercial and residential project at this newly-acquired site.

    The costs of the acquisition and development will be funded internally and through bank borrowings.

    - CNA/yt

  3. #3
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    WOW... DAMN GOOD BUY!
    Only $410psf??

    Is it Freehold or 99LH?

  4. #4
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    You need to add development cost in. Breakeven maybe $650 to 700psf.


    Quote Originally Posted by focus
    WOW... DAMN GOOD BUY!
    Only $410psf??

    Is it Freehold or 99LH?

  5. #5
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    I am talking about Frgrance group...
    The benefit of buying in bulk..

    When will I be able to buy a stretch of landed properties at one shot...

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