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ERC to launch strata shops for sale at Bugis Cube

Posted on 22 Jun 2012 | Comments Off

Riding on the strata retail property boom, Griffin Real Estate Investment Holdings, a wholly-owned subsidiary of education group ERC Holdings, is launching units for sale at Bugis Cube this Saturday.

Up to 91 strata units will be available at Bugis Cube, a six-storey, 999-year leasehold building at North Bridge Road.

It is currently undergoing a multi-million-dollar retrofitting that is expected to be completed by the middle of next year.

Investors have been driven to the non-residential segments of the property market following the Government’s imposition of harsh stamp duties on both sellers and buyers of homes last year to cool the red-hot housing sector.

Mr Andy Ong, chairman of ERC Holdings, said: “The Bugis area is one of the most vibrant shopping areas in Singapore. It is one of the few places that draw a young, trendy crowd seven days a week.

“Bugis Cube will be very attractive to retailers catering to youth and students. Furthermore, Bugis Cube is a rare opportunity for people to own prime retail property in the city centre.”

There are five MRT stations within a 10-minute walk from Bugis Cube, including the new Downtown Line Bugis interchange that will open by the end of next year, ERC said.

The firm added that the area would be enhanced by the construction of the South Beach development as well as the Rochor development by Singapore’s Temasek Holdings and Malaysia’s Khazanah Nasional.

Source : Today – 2012 Jun 22

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Posted in Office / Retail / Industrial

Tagged Bugis Cube, ERC HOLDINGS, Griffin Real Estate Investment Holdings, Singapore Retail

Historic house in Singapore set to change hands

Posted on 1 Jun 2012 | Comments Off

Private commercial-school operator ERC Holdings is buying the House of Tan Yeok Nee for more than S$60 million from German fund manager Union Investment Real Estate AG.

According to Business Times, Savills brokered the sale of the property through a private equity and an option is said to have been issued this week.

The House of Tan Yeok Nee is located at the junction of Penang Road and Clemenceau Avenue. The historic landmark was named after a wealthy Teochew businessman who built the property in the 1880s.

It has a strata area of approximately 58,000 sq ft and is leased to The University of Chicago Booth School of Business, which expressed interest to lease the property for a few more years.

The gazetted national monument is restored in the year 2000, it is the last remaining traditional Chinese courtyard house in the country. The former owner sold the property along with the adjacent Cockpit Hotel and open-air carpark in 1996 to a WingTai-led consortium for approximately S$380 million.

While the consortium restored the house, it redeveloped the Cockpit Hotel and carpark into Visioncrest Residence and Visioncrest Commercial. Meanwhile, the conservation earned the project a special mention at the Paris-based FIABCI Prix d’Excellence Awards 2002 under the Specialised Category.

ERC is currently in talks to acquire the property and is looking for additional campus space to cater to the strong demand for its courses. It also owns more than 40,000 sq ft, or around 92 percent of total strata area at the six-storey North Bridge Commercial Complex located opposite of Bugis Junction.

Source : PropertyGuru – 2012 May 31