22 | October | 2009 | Lush Dream Home

Daily Archives: 22 Oct 2009

Second Chance Properties buys 22 units of retail space at Sim Lim Square for $35m

Posted on 22 Oct 2009 | Comments Off

Second Chance Properties says it has bought 22 prime units of retail space totalling 9,604 sq.ft on the 5th Floor of Sim Lim Square for a total of $35 million.

The units are fully tenanted to 27 retailers and the gross rental per annum is $2.634 million with a return of 7.30%. With the present low interest rate, this acquisition is immediately yield accretive.

With this acquisition, Second Chance’s total property portfolio will increase to 76 retail units with a total area of about 50,000 sq.ft and valued at $145 million.

After completion of this purchase, the total rental income for the group will be slightly above $10 million per annum. This acquisition will be funded totally by bank borrowings.

Completion of this acquisition is slated for Feb 1, 2010.

Source : The Edge – 22 Oct 2009

Comments Off on Second Chance Properties buys 22 units of retail space at Sim Lim Square for $35m

Posted in Office / Retail / Industrial

Tagged Retail Space, Singapore Retail

Five Regent Court units sold for more than $650 psf

Posted on 22 Oct 2009 | Comments Off

Regent Court is a 49-unit condominium located along Serangoon Road, near the Boon Keng MRT station

PDF Version Property transactions with contract dates from Sept 18 to Sep 25

There was a flurry of transactions at the 25-year-old Regent Court recently. The 49-unit freehold condominium failed to sell en bloc for $34 million, or $528 psf, after it surfaced last December that the stamp duty for the en-bloc sale agreement in 2007 had not been paid by Regent Development, a nominee of Landquest Pte Ltd. Earlier, some owners also opposed the deal as they claimed that the sales proceeds could not cover their purchase price.

As it turns out, the failed en-bloc deal has enabled owners to ride on the recent rise in property prices. In particular, Regent Court has benefited from the strong take-up rate of new mass-market projects like Airstream @ St Michael’s Road. Property buyers who had come to view Airstream’s showflat would have driven past Regent Court, which is located along Serangoon Road, the main road leading to St Michael’s Road. In August, all 70 units at Airstream, which is developed by Millennium Homes, were sold within day, via balloting at an average price of $1,100 psf. Nearby, developments such as St Michael Regency, One St Michael’s and yet-to-be-completed Beacon Heights have been sold for an average of $800 psf this year, although latest sales saw some units breach $900 psf. Continue reading →