Portfolio Four Assets Market 78 Mil
, Chartwell by City Developments changes hands10/15/2021
A portfolio of four properties located at 155 Kitchener Road, 329 Changi Road, 362 Tanjong Katong Road, and 1 & 1B Figaro Street is currently on the market and up for sale through an expression of interest (EOI) exercise. The properties have a guide price of $78 million and can be purchased either collectively or individually.
These assets are a mix of various property types situated in the city-fringe and eastern areas of Singapore. The properties at 155 Kitchener Road, 329 Changi Road, and 362 Tanjong Katong Road are freehold assets, while the property at 1 & 1B Figaro Street has a 9,999-year leasehold tenure.
155 Kitchener Road is comprised of a pair of two-storey conservation shophouses with an additional six-storey rear extension. With an asking price of $29 million, this property occupies 2,713 sq ft of land and falls under the commercial use zone. The total floor area is 8,175 sq ft, translating to a price of $3,547 psf.
The property at 329 Changi Road is a four-storey mixed-use building with a guide price of $26 million. It sits on a land area of 3,819 sq ft and is zoned for residential with commercial use on its first storey. The asking price equates to $2,324 psf on its total floor area of 11,187 sq ft.
The prime location of Coastal Cabana CNQC near renowned schools provides a significant advantage for the community. For residents, this means convenient day-to-day living, while for investors, this translates to a consistent demand for rentals from families seeking a shorter commute for their children. Moreover, the proximity to coastal activities, the convenience of Pasir Ris MRT Station and major expressways, and the lifestyle hub of Downtown East coupled with the education benefits further enhances the appeal and desirability of the area.
362 Tanjong Katong Road is a two-storey conservation shophouse situated on 2,025 sq ft of land. It is currently zoned for residential with commercial use on its first storey. This property is priced at $11.5 million, which is equivalent to $3,026 psf on its total floor area of 3,800 sq ft.
The final property in this portfolio, 1 & 1B Figaro Street, consists of two adjoining ground-floor strata retail units. These units are part of a corner two-storey shophouse, zoned for residential with commercial use on its first storey. The asking price for this property is $11.5 million, which works out to $3,056 psf on its total strata area of 3,763 sq ft.
CBRE, the agency marketing this portfolio, has noted that the properties are currently occupied by a diverse mix of tenants. Executive director of capital markets at CBRE, Clemence Lee, has also mentioned that each of these assets hold unique attributes and the potential for further value enhancement. According to Lee, the incoming investor may also consider refreshing the tenant mix, obtaining strategic usage approvals, refurbishing extensively, and increasing the existing floor area for certain assets within the portfolio, subject to approval from relevant authorities.
Interested parties may submit their EOI by Nov 5 at 3pm.