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SINGAPORE, 3 May 2012 – Jones Lang LaSalle, as property consultant to CapitaMall Trust Management Limited, has successfully sold Hougang Plaza to Oxley Bloom Pte Ltd for $119.1 million.
Hougang Plaza is an existing commercial retail centre located at the junction of Upper Serangoon Road and Hougang Avenue, and is located within walking distance of the Hougang MRT Station. Several schools, including Holy Innocent’s High and Primary Schools, Serangoon Secondary School and Punggol Primary School, are located in proximity to the site as well as amenities such as Hougang Mall, Heartland Mall and Nex, and Punggol Park.
Hougang Plaza has a land area of 57,047 sq ft and sits on a 99 year leasehold site with 78 years remaining, commencing on 1 March 1991. The existing centre, comprising of 79,640 sq ft of Gross Floor Area and 75,353 sq ft of Net Lettable Area, is currently 100% occupied by a range of retail tenants, with the majority of leases expiring at the end of 2012.
Oxley Bloom is expected to redevelop the property, subject to obtaining all the necessary approvals from the relevant authorities.
Ashish Manchharam, head of Investments South East Asia at Jones Lang LaSalle, comments “Hougang Plaza received strong interest from the market. A new development on the site is expected to be well received given the location, which is walking distance to the Hougang MRT station and within proximity to amenities.”
Jillian Clarke (Singapore)