Commercial properties steal limelight at auctions

By EdgeProp Singapore / EdgeProp Singapore | July 22, 2022 2:03 AM SGT
Katong Shopping Centre is a seven-storey, freehold building with a mix of strata-titled office and retail units built in 1973 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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SINGAPORE (EDGEPROP) - Two properties were sold at One Global Commercial Business’ auction on June 21. One was a 495 sq ft, one-bedroom apartment at Parc Olympia. It was a mortgagee sale and sold at the auction for $600,000 ($1,212 psf). Based on caveats lodged, three- and four-bedroom apartments ranging in size from 1,141 to 1,485 sq ft at Parc Olympia changed hands at prices ranging from $1.18 million ($1,034 psf) to $1.52 million ($1,023 psf) in June and July to date.
Developed by Koh Brothers, the 486-unit Parc Olympia is a 99-year leasehold condo completed in 2015, with a sport theme. The project is located off Flora Drive and Upper Changi Road North in the east.
Parc Olympia - EDGEPROP SINGAPORE
Developed by Koh Brothers, the 486-unit Parc Olympia is a 99-year leasehold condo completed in 2015, with a sport theme (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The other unit sold at One Global’s auction last month was a 226 sq ft, strata retail shop at Katong Shopping Centre. It was an owner’s sale, but the transaction price was not disclosed. Katong Shopping Centre is a seven-storey, freehold building with a mix of strata-titled office and retail units by listed property developer City Developments Ltd (CDL). It opened in 1973 as one of the first air-conditioned shopping centres in Singapore.
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The previous transaction at Katong Shopping Centre was a 323 sq ft, strata retail unit on the first level that changed hands for $1.135 million ($3,515 psf) in May, according to a caveat lodged. In April, a 355 sq ft, strata office unit on the second level changed hands for $800,000 ($2,252 psf), based on caveats lodged.
PARC OLYMPIA LANDLENS - EDGEPROP SINGAPORE
A 495 sq ft, one-bedroom apartment at Parc Olympia. It was a mortgagee sale and sold at the auction for $600,000 ($1,212 psf) (Source: EdgeProp Landlens)
Katong Shopping Centre is located within the East Coast neighbourhood, close to Marine Parade Community Library and East Coast Park, and the future Marine Parade MRT Station on the Thomson-East Coast Line. The owners have made at least three collective sale attempts; the latest was in February this year.
In an auction on July 21, One Global offered a three-storey industrial factory, Woodlands Autohub, with a land area of 88,735 sq ft and built-up area of 78,000 sq ft. The property has a balance lease of 15 years of its original 30-year lease. It has a guide price of $28 million (excluding GST).
KATONG SHOPPING CENTRE LANDLENS - EDGEPROP SINGAPORE
The other unit sold at One Global’s auction last month was a 226 sq ft, strata retail shop at Katong Shopping Centre at an undisclosed price (Source: EdgeProp Landlens)
Another property showcased at the auction was an 840 sq ft, strata-titled office unit at Vision Exchange. The unit has a 99-year lease with effect from 2013. The unit was offered with vacant possession at a guide price of $1.45 million ($1,726 psf), excluding GST.
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A third property up for auction was a 334 sq ft shop unit at H2O Residences going for $928,000 ($2,778 psf). The price excludes GST. The 521-unit private condo is located at the corner of Fernvale Link and Sengkang West. The 99-year leasehold condo was developed by CDL and completed in 2015.
According to Clarence Goh, One Global Commercial Business chief commercial officer, commercial space has proven to be attractive to investors. “We’ve been receiving many enquiries recently for commercial properties that are being put up for auction, including shophouses, offices and whole industrial buildings,” he comments. (Find Singapore commercial properties with our commercial directory)
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