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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