Former KTV lounge space at The Adelphi selling for $9.5 mil
By Timothy Tay
/ EdgeProp Singapore |
The development is located in the heart of the Civic District, beside the Supreme Court Building, the National Gallery of Singapore and St Andrew’s Cathedral. (Picture: Samuel Isaac Chua/The Edge Singapore)
SINGAPORE (EDGEPROP) - A 4,090 sq ft basement retail unit at The Adelphi is on the market for $9.5 million. The guide price translates to $2,322 psf on the strata area. According to ERA Realty, the marketing agent handling the transaction, the unit will be sold in a bank sale by tender, and the closing date is Oct 19.
The Adelphi is a 999-year leasehold mixed-use property at 1 Coleman Street in District 6. The 10-storey development consists of a five-storey retail podium, a six-storey office block and four basement carpark floors.
The basement retail unit could be utilised for F&B or a fitness or tuition centre. It is conveniently located close to the escalators that serve that floor. The unit was previously marketed by CBRE in April. The selling price was not disclosed, but CBRE referenced past transactions of basement units — ranging from $2,685 psf to $3,573 psf — as a guide price. It remained unsold after the close of expression of interest exercise on May 18.
The Adelphi is a 999-year, mixed-use 10-storey development at 1 Coleman Street. (Picture: Samuel Isaac Chua/The Edge Singapore)
The ERA sales listing states that the unit was previously used as a KTV lounge but that business has since closed. KTV lounge operators have been especially hard hit by the pandemic. There was also scrutiny over these businesses, whose operations were tightened in July after several venues emerged as Covid-19 infection clusters.
There have been four resale transactions at The Adelphi so far this year. On March 1, a 2,626 sq ft office unit on the ninth floor was sold for $7.34 million ($2,795 psf). Meanwhile, other resale transactions were shop units on the third floor. On May 11, a 441 sq ft unit fetched $1.4 million ($3,172 psf). On July 5, a 463 sq ft unit was sold for $1.48 million ($3,198 psf), while a 753 sq ft unit was sold for $2.45 million ($3,252 psf) on July 8.
The most recent sale of a basement retail unit at The Adelphi was for a 743 sq ft unit, at $1.7 million ($2,289 psf) on April 4, 2019. Another 420 sq ft basement unit — located two units away from the property for sale — was also sold, for $1.5 million ($3,573 psf) on the 1st of that month.
The Adelphi is located in the heart of the Civic District and is surrounded by major institutions, commercial landmarks and historic buildings. It is located beside the Supreme Court Building, the National Gallery of Singapore and St Andrew’s Cathedral. (Find Singapore commercial properties with our commercial directory)
Other notable buildings in the area include Parliament House, High Street Centre, The Treasury, Funan Mall, Peninsula Plaza and Capitol Building. City Hall MRT Station (an interchange station on the North-South and East-West Lines) is located close to The Adelphi. The interchange station is also connected to Raffles City, The Esplanade and Marina Square.
Check out the latest listings near The Adelphi, City Hall MRT Station
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