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08-12-2014, 11:39 PM
(This post was last modified: 08-12-2014, 11:39 PM by Curiousparty.)
The Edge Singapore, April 1, 2013
On March 26, listed construction group, Chip Eng Seng Corp, announced that its wholly owned property arm, CEL Property Investment, had purchased all units of San Centre, an office building at Chin Swee Road near the Chinatown MRT station for $113 million. The deal, brokered by JLL, is considered to be the first en bloc purchase of a commercial property in 2013. The existing office building sits on a land area of 28,719 sq ft with a gross floor area (GFA) of 131,896 sq ft. Hence, the price works out to $857 psf ppr.
Built in the 1970s, the existing San Centre contains 107 strata-titled office units and 80 parking spaces. The site has a 99-year lease with effect from 1969, and has the potential to be redeveloped into a 20-storey commercial or mixed-use commercial property with a hotel development. The sale is subject to Strata Title Board approval. As the site of San Centre enjoys the flexibility of various redevelopment options, its tender attracted good interest from investors and developers
The latest acquisition of San Centre could see Chip Eng Seng replicating the success it had achieved at the launch of Alexandra Central next to IKEA on Alexandra Road. Launched for sale on Jan 21, a week after the seventh round of government property cooling measures were announced, all except one of the 115 units at the six-storey retail podium of Alexandra Central, which contains a mix of strata-titled shops and F&B units, were sold by balloting that first day. Prices were said to range from $4,000 to $8,000 psf. Sitting on top of the retail podium will be a 13-storey, 450-room, four-star hotel managed by Park Hotel Group.
On March 26, listed construction group, Chip Eng Seng Corp, announced that its wholly owned property arm, CEL Property Investment, had purchased all units of San Centre, an office building at Chin Swee Road near the Chinatown MRT station for $113 million. The deal, brokered by JLL, is considered to be the first en bloc purchase of a commercial property in 2013. The existing office building sits on a land area of 28,719 sq ft with a gross floor area (GFA) of 131,896 sq ft. Hence, the price works out to $857 psf ppr.
Built in the 1970s, the existing San Centre contains 107 strata-titled office units and 80 parking spaces. The site has a 99-year lease with effect from 1969, and has the potential to be redeveloped into a 20-storey commercial or mixed-use commercial property with a hotel development. The sale is subject to Strata Title Board approval. As the site of San Centre enjoys the flexibility of various redevelopment options, its tender attracted good interest from investors and developers
The latest acquisition of San Centre could see Chip Eng Seng replicating the success it had achieved at the launch of Alexandra Central next to IKEA on Alexandra Road. Launched for sale on Jan 21, a week after the seventh round of government property cooling measures were announced, all except one of the 115 units at the six-storey retail podium of Alexandra Central, which contains a mix of strata-titled shops and F&B units, were sold by balloting that first day. Prices were said to range from $4,000 to $8,000 psf. Sitting on top of the retail podium will be a 13-storey, 450-room, four-star hotel managed by Park Hotel Group.
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