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PoMo for sale by expressions of interest says Jones Lang LaSalle
Jones Lang LaSalle is pleased to announce that PoMo, located at 1 Selegie Road, Singapore, is for sale by expressions of interest. This is an opportunity for investors to acquire an asset which will provide them with exposure to both the retail and office real estate markets in Singapore. Both asset classes are highly sought-after due to positive market fundamentals which are delivering strong rental growth. This 99-year leasehold building has a site area of 43,027 sq ft, a Gross Floor Area (GFA) of 234,998 sq ft and a Net Lettable Area (NLA) of 182,061 sq ft. PoMo is 10 storeys high and has 144 car parking lots.PoMo is strategically placed to benefit from the repositioning of the area into an educational hub and the development of a number of high-end apartments. PoMo is within walking distance from prestigious educational institutions including Singapore Management University, Nanyang Academy of Fine Arts, Singapore School of the Arts and LaSalle SIA Arts College and recently/soon-to-be developed high end residential schemes such as Sophia Residences, Suites @ Orchard and Numo. Due to extensive asset enhancement works by the current owner, PoMo was awarded the BCA Green Mark Platinum Award in May 2010. The purchaser can expect to benefit from savings on building operational expenses in the future and attract quality retail and commercial tenants.Mr Anthony Barr, National Director Investments at Jones Lang LaSalle said “This is a rare opportunity for investors to acquire a quality asset with sizeable retail component. We expect strong interest from buyers in the sale of PoMo given the ideal location and relevant consumer demographic, recent asset enhancement works and current tenant demand for quality retail and commercial space in that area”.“The positive income potential for PoMo is supported by strong tenant demand and the expectation of increasing retail rents in that area. The current commercial leases expire in 2013, and we expect there will also be a positive reversion to market. This lease expiration also offers the purchaser the option to increase the retail area utilising existing commercial space,” Mr Barr added. The subject property will be sold by Expressions of Interest; initial submissions are due on 28 January 2011 (Friday). Enquiries should be directed to Anthony Barr on +65 6494 3889.
+65 6494 3889