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Katong Mall sold for S$247.55m to Perennial Katong Retail Trust

Posted on 11 Nov 2009 | Comments Off

Mainboard-listed property and industrial services firm Tuan Sing said on Monday that it has sold Katong Mall for S$247.55 million.

Its wholly-owned subsidiary, Golden Cape Investments, sold the property to an unrelated third party, Perennial Katong Retail Trust.

Golden Cape secured 100 per cent ownership of Katong Mall through a successful bidding of S$219 million in an en bloc sale in June last year.

Prior to that, Golden Cape already owned 72 per cent of the total strata floor area of the Katong Mall.

Tuan Sing said the expected gain from the transaction, after deducting foreseeable expenses, is about S$42.7 million.

Located along East Coast Road, Katong Mall is a four-storey building with three basement levels. It has a remaining leasehold of about 70 years.

Perennial is headed by Pua Seck Guan, former head of CapitaLand’s retail unit, who put together the consortium to buy the mall.

Source : Channel NewsAsia – 9 Nov 2009

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Posted in Office / Retail / Industrial

Tagged Golden Cape Investments, Katong Mall, Perennial Katong Retail Trust, Pua Seck Guan, Retail Space, Singapore Retail, Tuan Sing

Thomson commercial unit for sale

Posted on 6 Nov 2009 | Comments Off

Space may be used for F&B, entertainment outlets or divided into small units

A FREEHOLD commercial unit at Thomson Imperial Court on Upper Thomson Road has been put up for sale by tender. The unit has a strata floor area of 11,011 square feet and faces the road.

DTZ, which is handling the sale, describes the property as a ‘rarely available large retail space’ in a ‘bank’s sale by tender’ notice. Other units in the area are as small as a few hundred square feet, said the firm’s senior director for investment advisory services, Shaun Poh.

The buyer of the unit can set up an entertainment or food and beverage outlet, he said. Or the space can be segmented into smaller units for lease.

Mr Poh reckons that the unit could attract bids of $8-9 million. This would translate to $727-817 per sq ft.

Smaller units at Thomson Imperial Court have changed hands in the past six months for about $1,200 to $1,300 psf, he said.

The unit up for sale is currently leased to Shop N Save supermarket, which pays rental of about $3.50 psf per month. The tenancy expires in the third quarter of next year.

Thomson Imperial Court is next to Sin Ming Plaza and Thomson Community Club. It is also near Marymount MRT station and has plenty of parking space, DTZ said.

The tender closes on Dec 3.

Source : Business Times – 6 Nov 2009