Tag Archives: Land Sales

Joo Chiat Hotel put up for sale

Posted on 2 Sep 2009 | Comments Off on Joo Chiat Hotel put up for sale

A 99-year lease property with 68 guest rooms, the hotel has an asking price of $20 million to $22 million. — PHOTO: COURTESY OF CREDO REAL ESTATE

A SMALL low-rise hotel in Joo Chiat Road is up for sale at an asking price of $20 million to $22 million.

Its owner, a local investment firm formed by a group of individual investors, is looking to sell now as market conditions are ripe, said Ms Yong Choon Fah, executive director of Credo Real Estate, which is marketing the property.

Joo Chiat Hotel, previously known as Astro Hotel, was put up for sale in a tender in 2004. The asking price was up to $9 million, though market watchers reportedly expected bids of only about $7 million. There were no bids. Continue reading →

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Merchant Sq, Katong bungalows up for sale

Posted on 1 Sep 2009 | Comments Off on Merchant Sq, Katong bungalows up for sale

MERCHANT Square in the Clemenceau Avenue area and four freehold strata bungalows at Bournemouth Road in the Katong locale are among the latest offerings in the property investment sales market.

The guide price for Merchant Square is about $48 million – or 34 per cent lower than the $73 million sought for the property in February last year.

Its owner, carpet manufacturer Jackson Carpet, did not get its asking price then for the property, which comprises offices, some shop space and 76 car park lots.

BT understands that the latest price reflects a net property yield of close to 4 per cent, based on Merchant Square’s current passing income.

The latest $48 million guide price is about $955 per square foot, based on Merchant Square’s 50,262 sq ft net lettable area. This compares with about $1,450 psf, based on last year’s $73 million price tag.

Merchant Square was completed in 1996 and is on a site with a remaining lease of about 83 years. It comprises a four-storey office tower, two blocks of shophouses, and a couple of basement levels for carpark lots. CB Richard Ellis is marketing Merchant Square through an expression of interest exercise that closes on Oct 6. Continue reading →

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Posted in Developers, Landed Property, Property Market / Real Estate

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