International property consultant, Colliers International will be putting up for sale via auction seven adjoining commercial units located on the third storey in Singapore Shopping Centre. The auction is scheduled for March 26, 2008 at The Amara Hotel.

 

Located at 190 Clemenceau Avenue, Singapore Shopping Centre is a seven-storey commercial development comprising retail shops and office units, as well as a basement car park. The seven units – to be sold with vacant possession – have a 99-year leasehold tenure (w.e.f. May 1, 1948) and have a total floor area of approximately 3,916 sq ft.  Individual unit size ranges from 409 sq ft to 828 sq ft.  

 

Ms Grace Ng, Deputy Managing Director (Agency and Business Services) and Auctioneer at Colliers International, says, “The seven units will be put up for auction as an entirety and the asking price is in the region of S$1,300-S$1,500 per sq ft. The successful bidder could choose to lease out the units, which are suited for commercial schools or backroom office operations. We foresee these units to command a potential yield of about S$7.50-S$8 per sq ft. Alternatively, he has the option of selling the units individually at a later stage as they hold separate titles.”

 

“Given the current tight supply situation seen for the Singapore office sector, this is a rare opportunity for both investors and owner occupiers to acquire a sizeable commercial space in a well-located development,” adds Ms Ng.

Located at the junction of Penang Road and Clemenceau Avenue, Singapore Shopping Centre is a mature commercial development that has en bloc potential. The development is within proximity to the Dhoby Ghaut MRT station and is easily accessible via the Central Expressway. Other prominent developments in the vicinity include Park Mall, Plaza Singapura and The Atrium @ Orchard.