Some property owners and agents are leveraging the Singapore Grand Prix to launch new projects. One such offering is a portfolio of 22 strata-titled units at Hexacube, a mixed-use commercial complex located at 160 Changi Road within the Geylang District.

The freehold units comprise 21 retail shops, spread across the basement, first, and second floors, as well as a single office unit on the fourth floor. The unit sizes in the portfolio range from 388 sq ft to 904 sq ft, with a total strata area of 13,520 sq ft.

Based on the guide price of $38 million, the price translates to an average of $2,811 psf over the strata area in the portfolio. The units are offered for sale by expression of interest (EOI), with homegrown realtors Brilliance Capital and AlpsEdge Real Estate as the exclusive marketing agents.

Read also: Twenty-two freehold commercial units in Hexacube for sale at $43.8 mil

Because the portfolio comprises commercial units, buyers do not incur additional buyer’s stamp duty (ABSD). All the units in the portfolio are tenanted except for one newly vacated second-floor unit. The portfolio constitutes 35% of the total share value and 28% of the strata area in the development.

Sammi Lim, founder and executive director of Brilliance Capital, states that this gives the buyer a significant stake in the development, allowing them to influence its long-term direction and positioning.

Sporting a futuristic façade, Hexacube was developed by a consortium comprising Lian Beng Group, KSH Holdings, and Tee International. The freehold project is a redevelopment of the former AIA Building, which the consortium acquired for $68 million in 2013.

Launched for sale in March 2014, Hexacube offers a total of 73 strata units — with three floors of retail and three levels of offices, and a basement carpark containing 25 parking spots and two loading bays.

The developer sold most of the units but retained this portfolio of 22 units for investment. In September 2020, the developer offered the portfolio for sale at an indicative price of $43.8 million ($3,253 psf).

Lim notes that the previous indicative price was 13.2% higher than the current asking price. As a result, the overall portfolio’s gross yield becomes more attractive at 2.4% based on the $38 million price. The yield will likely increase once the vacated unit is tenanted.

Read also: BreadTalk boss offers prime shophouses for sale; Macly Group’s Tedge commercial units open to single buyer from $18 mil

Retail tenants in the portfolio include Aquarius Aesthetic, a Korean-style facial treatment studio; Aura Beauty Studio; Fit Kaki, a gym and fitness centre catering to seniors; Lydia’s Oven, a baking studio; and Little Italy Salumeria restaurant. The office unit on the fourth level is tenanted by Exodus Physiotherapy, which opened there in December 2023.

The units at Hexacube are attractive to beauty and wellness salons, hair studios, nail spas, and F&B outlets, as they each come with an en-suite bathroom and water point, a rare feature in strata commercial developments, says Lim. The units also feature high ceilings, exceeding 4m on the basement level and 5m on the upper floors.

In the vicinity are the houses and low-rise condos of Everitt Road, Langsat Road, and Joo Chiat area. Just across the road is the new 1,399-unit Parc Esta, which was completed in 2022. “Together with the landed housing nearby, Parc Esta has injected a sizeable and affluent resident base into the neighbourhood,” says Carin Puah, founder and executive director of AlpsEdge Real Estate.

Besides high-net-worth investors, Lim of Brilliance Capital increasingly sees family offices, private equity groups, and even individual investors participating in crowdfunding to purchase properties collectively. “The preference of these buyers is for freehold, income-yielding assets,” says Lim.

The EOI will close on Nov 12 at 3pm.