Port­fo­lio of shop­houses on Mosque Street-Pagoda Street for sale at $141 mil

The Edge Singapore - - EDGEPROP PROPERTY BRIEFS -

Sav­ills Sin­ga­pore has been ap­pointed the sole mar­ket­ing agent for the sale of a port­fo­lio of shop­houses in Chi­na­town. The port­fo­lio fea­tures ad­join­ing shop­houses at 42-45 Mosque Street and 54/56 Pagoda Street.

The shop­houses on Mosque Street are four-storey con­served prop­er­ties with mez­za­nine lev­els as well as an open ter­race of 2,200 sq ft on the sec­ond floor. They have been re­stored and up­graded for use as a multi-ten­anted com­mer­cial build­ing. The prop­er­ties sit on a land area of 8,804 sq ft and have a floor area of 34,238 sq ft.

Mean­while, the shop­houses on Pagoda Street are a pair of three-storey build­ings with a mez­za­nine level and are lo­cated close to Chi­na­town MRT In­ter­change Sta­tion. They sit on a plot of 3,010 sq ft and have a to­tal floor area of 9,226 sq ft.

Ac­cord­ing to Yap Hui Yee, di­rec­tor of in­vest­ment sales and cap­i­tal mar­kets at Sav­ills Sin­ga­pore, the in­dica­tive price for the en­tire col­lec­tion of shop­houses at Mosque Street and Pagoda Street is $141 mil­lion. “This port­fo­lio of shop­houses are held un­der a spe­cial pur­pose ve­hi­cle com­pany and there will be sav­ings on the stamp duty on the pur­chase of the com­pany for the en­tire port­fo­lio,” she says.

The col­lec­tion is sold un­der an ex­pres­sion of in­ter­est ex­er­cise that will close on March 5.

Lo­cal start-up RealVan­tage has launched its on­line co-in­vest­ment plat­form, which aims to help ac­cred­ited in­vestors and high-net-worth in­di­vid­u­als ac­cess a global range of prop­er­ties in var­i­ous sec­tors and in­vest­ment spec­trums.

Ac­cord­ing to the founders, Keith Ong and Mao Ching Foo, through the RealVan­tage plat­form, in­vestors will be able to choose from mul­ti­ple in­vest­ment op­tions, in­clud­ing a sta­ble in­come pro­duc­ing of­fice in the UK, a town­house de­vel­op­ment pro­ject in Australia, and a mul­ti­fam­ily pro­ject in the US.

Ong says: “There is a myr­iad of in­vest­ment op­por­tu­ni­ties that pro­vide good risk-ad­justed re­turns in dif­fer­ent prop­erty sec­tors and in­vest­ment modes. With RealVan­tage, our aim is to cre­ate ac­cess to real es­tate op­por­tu­ni­ties that fit the in­vestors’ in­vest­ment hori­zon and re­turns ob­jec­tives.”

The com­pany says it plans to widen its in­vestor base in Sin­ga­pore and In­done­sia this year, and the plat­form is also look­ing to ex­pand its in­vest­ment op­por­tu­ni­ties beyond the UK and Australia.

SAV­ILLS SIN­GA­PORE

Six shop­houses on Mosque Street and Pagoda Street are up for sale for $141 mil­lion

Newspapers in English

Newspapers from Singapore

© PressReader. All rights reserved.