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Dairy Farm Singapore has put 13 HDB shophouses and a 999-year leasehold retail shop at Peninsula Plaza up for sale at a total of $48.79 million, revealed marketing agent JLL on Wednesday (25 Apr).
Dubbed the 7-Eleven Portfolio, the properties are located in prime areas such as City Hall, Bedok Reservoir, Ang Mo Kio, Clementi, Changi Village, Jurong East, Jurong West, Hougang, Toa Payoh, Yishun and Tampines.
“The portfolio will be offered for sale under three separate clusters,” said JLL.
Assets in cluster 1 are being offered with a long-term sale and leaseback arrangement with 7-Eleven, while cluster 2 includes assets with vacant possession.
Cluster 3, on the other hand, features an individual asset at Bedok Reservoir Road, which is on sale with existing tenancy.
Prospective buyers can purchase the assets either individually or collectively as a portfolio.
JLL capital markets associate director Clemence Lee noted that this is the first time a series of prime 7-Eleven convenience stores in long-standing and proven mature residential hubs are up for sale.
“Such rarely-available properties are highly sought-after by investors due to its defensive and counter-cyclical nature,” he said. “We expect strong interest from investors such as boutique real estate funds, local companies, family offices and high-net-worth individuals who are looking to own a turnkey property with strong tenant covenant and a long term tenancy in place.”
A leading pan-Asian retailer, Dairy Farm International operates various well-known brands. It operated more than 7,100 outlets in 2017, employed around 200,000 people, and posted total annual sales exceeding US$21 billion.
7-Eleven is a leading global chain of one-stop convenience stores with about 400 stores island-wide.
The tender for the 7-Eleven Portfolio closes on 5 June.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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