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News Release


JLL launches retail portfolio for sale by Expressions of Interest

Majority of units are located at Parklane Shopping Mall

​​​​​Singapore, 30 September 2014 – JLL has just launched an Expressions of Interest (EOI) exercise for a portfolio of strata-titled shops on behalf of the Hiap Hoe Group. This is part of the group'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.

"The vendors have identified a total of 39 shop units to be divested. The largest amongst them is a single portfolio of 33 strata units located at the basement of Parklane Shopping Mall at 35 Selegie Road, which are being offered for sale to a single buyer," said Mr Karamjit Singh, Head of Investments and Residential, JLL.

"While there are another two units located at the fourth floor of Parklane Shopping Mall for sale, the remaining retail units are located in other city-fringe developments at Bukit Timah Plaza and Balestier Point." 

Majority Space in Basement of Parklane Shopping Mall

"The 33 strata-titled units at the basement have a combined strata floor area of 25,317 sq ft and represent more than 94 per cent of the total strata floor area in the basement level. By share value, this portfolio comprises approximately 17 per cent of the entire development," said Mr Singh.

"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. The largest unit in the basement has been leased to McDonald's, which helps pull and retain a regular crowd. The basement is currently one of the most patronized levels in the development because it is directly accessible from the main busy road, by just half a flight of stairs."

He added: "Parklane Shopping Mall is located within the district known as 'Bras Basah.Bugis', which the Urban Redevelopment Authority (URA) has been actively shaping as a destination for arts, culture, education and entertainment. URA had envisioned the area as a vibrant education hub, teeming with student enclaves."  

 "As a result of these plans, numerous private educational institutions have set up their campus in the area. These include LaSalle College of The Arts, School of the Arts, NAFA and Singapore Management University, Kaplan, etc. The combined full-time student population in that location is estimated to be a staggering 12,000." ​

Continued Mr Singh: "Opportunities to acquire a large cluster of shops of this scale within a single level are few and far between. This offering poses an attractive play to investors as it offers an almost exclusive use over the 

basement level, which would allow scope for repositioning and improving the tenant eco-system such as introducing a new crowd-pulling anchor. There is huge potential to enhance the value of the asset by leveraging on the location's youthful and eclectic character. Some investors may also find it attractive to acquire the units in bulk with a view of selling-down the units individually at a later stage."

Located less than 400 metres to Dhoby Ghaut MRT station, Parklane Shopping Mall enjoys high footfall from students and office-workers nearby who pass through the complex en-route to Dhoby Ghaut MRT station. The property is also located near two Downtown Line stations – Bencoolen and Rochor MRT stations. The Downtown Line is expected to be fully operational by 2016.

The subsidiary proprietors at Parklane Shopping Mall had last attempted a collective sale exercise back in 2007. The shopping mall's neighbouring developments, Peace Centre and Peace Mansion, were also launched for sale in a joint en bloc exercise in 2011.  

Said Mr Singh: "The vendors expect offers in the region of $55.6 million, which works out to an average of $2,200 psf over the strata floor area. One of the four units in the basement of Parklane Shopping Mall that does not belong to Hiap Hoe changed hands last year at $2,192 psf. The passing yield based on the indicative price of $55.6 million is approximately 3.5 per cent pa, with potential to rise above 4 per cent with anticipated increments in rents."

Interested parties are invited to submit their offers by Tuesday, 4 November 2014 at 2.30 pm.


Other Retail Shops for Sale

Parklane Shopping Mall, Level 4

"Aside from the retail offering at the basement level of Parklane Shopping Mall, the vendors are also looking to divest two adjoining strata units at level 4 of the development. The two shops have a combined floor area of about 3,660 sf," adds Mr Singh.

"The vendors are expecting a sale price in the region of $1,300 psf, which is an extremely attractive price for retail space in a city-centre location. They are currently occupied by a karaoke / night club".

Bukit Timah Plaza, Basement 1

Two adjoining strata units with a combined strata area of approximately 1,206 sf, located at the basement of family-oriented mall, Bukit Timah Plaza, with prominent frontages facing the escalators. The units are currently occupied by one travel agency.  

​Bukit Timah Plaza, Ground Floor

A larger unit of 4,930 sf, the shop enjoys good visibility from the entrance of the mall. Located near the taxi stand and Popular bookstore, the shop benefits from the mall's high pedestrian footfall. It is currently occupied by a dance school and café.   

​Balestier Point, Level 2

A freehold 5,608 sf unit with wide frontages that face the concourse, this property may be ideal for owner-occupiers who need larger floor areas. It is currently occupied by a karaoke / night club.​


The EOI for these units closes on Wednesday, 29 October 2014 at 2.30 pm. ​


Notes to Editors:

  1. A high-resolution image of Parklane Shopping Mall is available here.​