Tag Archives: Singapore Property Market

Joo Chiat shophouses sold for S$25.6m to World Class Land

Posted on 12 Aug 2009 | Comments Off on Joo Chiat shophouses sold for S$25.6m to World Class Land

A cluster of 18 shophouses fronting Joo Chiat Road and Onan Road has been sold to property developer World Class Land for S$25.6 million.

This translates to S$410 per square foot on the existing gross floor area of the properties.

World Class Land is a unit of public-listed Aspial Corp.

The freehold site consists of two back-to-back rows of nine shophouses, each three-storeys tall.

The total gross floor area of the 18 shophouses is estimated to be about 62,500 square feet.

Under the 2008 Master Plan, these shophouses are gazetted as conservation buildings.

In a statement, Aspial said it plans to develop a mixed commercial and residential project at this newly-acquired site.

The costs of the acquisition and development will be funded internally and through bank borrowings.

Source : Channel NewsAsia – 11 Aug 2009

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Posted in Developers

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Luxury retailers still expanding here

Posted on 11 Aug 2009 | Comments Off on Luxury retailers still expanding here

WITH consumers hesitant to spend, and visitor arrivals dwindling, it is no surprise that retail sales have been on a downward slide in recent months.

But a stroll down Orchard Road reveals one segment of the industry that still shines: luxury retail.

Despite the recession, luxury developers and retailers here have not put the brakes on their glittery expansions.

The next high-end development on its way is Knightsbridge, an 83,000sqft, four-storey retail podium connected to Park Hotel Orchard and scheduled to open in May next year.

Unveiled last month, Knightsbridge will house its eight to 10 luxe tenants in double-storey flagship units.

The developer, Park Hotel Group, has secured 50per cent tenancy and says it is confident of opening with a full house next year.

It joins two other upcoming or newly completed projects on the strip, in proximity to the existing temples of luxury, Palais Renaissance, Continue reading →

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Posted in Office / Retail / Industrial

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