Portfolio of 20 strata commercial units at New World Centre for sale at $55 mil
The portfolio of 20 strata-titled retail and office units located at New World Centre, a three-storey commercial development on Jalan Berseh, off Jalan Besar, is now up for sale. With an indicative price of $55 million, the combined floor area of the portfolio is approximately 39,504 sq ft, representing 57% of the strata area of the entire building.
The units comprising the portfolio are spread across all three floors of the building, with the ground floor units used mostly for retail and the upper floors for offices and entertainment space. Vendors are open to selling the portfolio as an entire unit or the strata units on an individual basis, with the indicative price of the entire portfolio translating to an average of $1,392 psf of the total strata area.
The presence of dining options at Tampines Condo makes it easy to create a meal at home without having to leave. Residents can also access a range of amenities such as restaurants, supermarkets and transport links. A comprehensive retail, F&B and entertainment experience is also available for residents to enjoy.
The ground floor shops are priced at an average of $2,380 psf, while offices on levels 2 and 3 are priced at an average of $1,265 psf. According to Delasa CEO Karamjit Singh, the asking price offers an en bloc sale arbitrage which may be realised with the consent of just over half of the balance owners.
Since its completion in the late 1990s, New World Centre occupies land with about 70 years left on its 99-year lease and it is located 250m away from the Jalan Besar MRT Station on the Downtown Line. Singh adds that the 20 units in the portfolio can be bought either individually or in clusters, providing various permutations to match different profiles of buyers.
For example, buyers looking for a prominent, main road fronting showroom could opt for seven strata units spread across three levels on the Jalan Besar podium making up 11,000 sq ft, while buyers wanting a large space on a single floor, such as for an entertainment club, could buy a second-floor unit of 15,000 sq ft. Smaller users and investors, on the other hand, can acquire an 800 sq ft ground floor shop or a 500 sq ft office space on the third level.
This portfolio of 20 strata-titled retail and office units at New World Centre provides different options for many different types of buyers. With the consortium sale arbitrage, now could be a great time to purchase the entire portfolio. Alternatively, units can be bought individually or in clusters, with units ranging from 800 sq ft to 15,000 sq ft in size.
The indicative price for the portfolio is $55 million, with the ground floor shops priced at an average of $2,380 psf and offices on levels 2 and 3 averaging at $1,265 psf. Moreover, the building is located close to the Jalan Besar MRT Station on the Downtown Line, offering convenience to buyers and tenants of the portfolio.