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News Release

Singapore

Shop-houses at Tanjong Katong Road for Sale by Tender

Sale by Tender closing on 2 November (Friday) 2012 at 2.30pm


​SINGAPORE, 13 October 2012 - Sole Marketing Agent Jones Lang LaSalle is presenting for sale by tender, a pair of freehold 4-storey shop-houses at Tanjong Katong Road.

The shop-houses are owned by a family trust, who is seeking offers in the region of $10 to $12 million.

The properties consist of two units of retail shops on the ground floor and six units of apartments on the upper floors within the gazetted Tanjong Katong Conservation area. The subject site is zoned Residential with Commercial on the 1st storey and has a Gross Plot Ratio (GPR) of 3.0.  The land measures some 354.1 sq m (3,811 sq ft) and the total gross floor area is estimated to be 1,026.2 sq m (11,046 sq ft).

Tanjong Katong was given conservation status on 1 December 2003, and is characterized by the ornate Late Style and the more geometric Art Deco Style shop-houses together with the more streamlined Modern Style shop-houses built after World War Two.

Mr Karamjit Singh, Head of Investments & Residential at Jones Lang LaSalle comments:  “Given the location and the three floors of residential space, the properties may be suitable for use as staff quarters or student hostel.  These uses are however subject to the approval of the relevant authorities”.

“Alternatively, the buyer may wish to consider refurbishing the buildings before renting them for better rental yield, or to refurbish and strata-title them before selling them as individual shops and apartment units” adds Mr Singh. 

Of late, the demand for mixed-use properties with retail space on the ground floor has been gaining popularity among property purchasers and investors. In fact, many mixed-use sites, such as Tai Keng Garden and Novena Ville, etc. that were put up for sale by tender were well-received by developers.

The properties are currently fully tenanted with estimated total gross monthly rental revenue of $18,350.The tender for the subject properties closes on 2 November 2012 at 2.30 pm on Friday.

 

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Notes to editors
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.2 billion of assets under management.

Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 22,200 employees operating in 79 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in nine Asia Pacific countries at the International Property Awards Asia Pacific 2012, in association with HSBC, and was highly commended in a further three countries. For further information, please visit www.joneslanglasalle.com.sg, www.jllresidential.com/sg 200 East Randolph Drive Chicago Illinois 60601 │ 22 Hanover Square London W1A 2BN │ 9 Raffles Place #39–00 Republic Plaza Singapore 048619