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Jones Lang LaSalle and CBRE appointed as joint marketing agents to run an Expression of Interest exercise
SINGAPORE, 22 October 2013 – Jones Lang LaSalle and CBRE, as joint marketing agents, are pleased to offer a single cluster of five freehold shophouses along Upper Bukit Timah Road for sale through an Expression of Interest exercise.
The offering, located at Nos. 826/A to 834/A (even numbers) Upper Bukit Timah Road comprises a single cluster of five adjoining 2-storey shophouses, each with a separate external access for its upper floor. It has a combined land area of approximately 10,259 sq ft, with an existing gross floor area (GFA) of about 16,377 sq ft.
The shophouses, in their existing form, are approved for commercial use on the ground floor and residential use on the second storey. It is located less than 500m from the future Bukit Panjang and Cashew MRT Stations, which are expected to be completed in 2016. There is a row of public car park lots at the front, which provides convenient access for commercial uses on the ground floor.
The properties can be enhanced through “Additions & Alterations” by refurbishing the ground floor shop units and reconfiguring the existing residential space on the upper floor, together with the addition of an attic. This can yield an estimated additional gross floor area of 8,200 sq ft for residential use, increasing the total GFA to approximately 24,566 sq ft.
With a 32-metre main road frontage as well as a return frontage of some 30 metres along the side, the close to 10,000 sq ft ground floor commercial space would be prominent and attractive to potential operator-occupiers or tenants requiring good showroom with generous display area, which is very difficult to come by.
This “Additions & Alterations” option allows for a very healthy rental income stream over the short to medium term to an investor or developer.
The site also has the potential to be redeveloped into a new residential development, as it is zoned “Residential” with a plot ratio of 2.5 in the 2008 Master Plan. An approval was obtained from URA previously for a residential development with development charge (DC) paid up to a total GFA of approximately 27,848 sq ft. A redevelopment of the site to the same GFA for residential use would not require any DC payment.
The area is well-poised for rejuvenation, with the new upcoming integrated shopping and residential development, Hillion Residences, which would be integrated with a bus-interchange with connections to Bukit Panjang LRT Station and the upcoming Bukit Panjang MRT station.
This would add on to the commercial and F&B amenities already provided by the existing Bukit Panjang Plaza and Junction 10. Nearby schools include CHIJ Our Lady of Peace, Assumption English and Bukit Panjang Primary. The site is easily accessible via major arterial roads Upper Bukit Timah Road and Woodlands Road, as well as the Kranji Expressway and Bukit Timah Expressway. Upon its expected completion in 2016, the Downtown Line will further connect the residential estates of Bukit Panjang, Upper Bukit Timah and Bukit Timah towards the city centre.
This offering provides a rare opportunity to acquire a single cluster of five freehold shophouses, which can be refurbished by increasing the existing GFA to take advantage of a healthy rental income stream in the short to medium term. In the longer term, with the completion of all the transportation and commercial amenities, the site could capitalise on the maturing hub and be redeveloped into a brand new residential development, to fully exploit the convenience and value of its location.
The owner, an investment holding company, is expecting between $26 and $27.5 million for the properties, which reflects $933 to $987 psf over the approved residential GFA or $1,102 to $1,163 psf over the approved mixed commercial-residential GFA with the “Additions & Alterations” option.
The expression of interest exercise will close at 3.00 pm on Thursday, 28 November 2013.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management.Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 26,100 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 named the number one real estate advisory firm in Asia Pacific in the Euromoney Real Estate Awards 2012. www.ap.joneslanglasalle.com , www. Joneslanglasalle.com.sg200 East Randolph Drive Chicago Illinois 60601 │ 22 Hanover Square London W1A 2BN │ 9 Raffles Place #39–00 Republic Plaza Singapore 048619
About CBRE Group, Inc.CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
Tan Hong Boon
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