Bookmark & Share
A portfolio of strata-titled shops owned by Hiap Hoe Group has been put up for sale by Expression of Interest (EOI), marketing agent JLL announced Tuesday (30 September).
This includes a total of 35 strata-titled units located at the basement (33) and fourth floor (two) of Parklane Shopping Mall, three units at Bukit Timah Plaza, and a freehold unit at Balestier Point.
Specifically, the 33 strata-titled units at the basement of Parklane Shopping Mall located at 35 Selegei Road have a combined strata floor area of 25,317 sq ft or 94 percent of the total strata area of the mall’s basement level.
“The units are fully occupied by a variety of tenants, generally catering to the young and active, such as gaming and entertainment centres, a dance studio, a musical instruments retailer, etc.,” said Karamjit Singh, Head of Investments and Residential at JLL.
Singh said, Hiap Hoe expects offers in the region of S$55.6 million which translates to an average of S$2,200 per sq ft, adding that one of the four units in the basement of the mall that does not belong to Hiap Hoe changed hands last year at $2,192 per sq ft.
The portfolio of 33 units is being sold to a single buyer and the EOI exercise will close on 4 November.
Meanwhile, the two adjoining strata units at the fourth level of the same mall offers a combined floor area of 3,660 sq ft, and is expected to have a sale price in the region of S$1,300 per sq ft.
Other units being offered for EOI are two adjoining strata units at Basement 1 of Bukit Timah Plaza, with a combined strata area of approximately 1,206 sq ft, a shop unit measuring 4,390 sq ft located at the ground floor of the same mall, and a freehold 5,608 sq ft at the second level of Balestier Point.
The EOI exercises for these units will close on 29 October.
According to JLL, launch of the units is part of the Hiap Hoe’s exercise to divest some of their non-core assets while it seeks to capitalize on the strong investor demand for retail space and income-generating assets.
Image: Interior of Parklane Shopping Mall (Source: JLL)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
Related Articles:
Retail rents in Orchard Road down 0.5%