Five amalgamated strata-titled office units for sale at $7.8 mil
At the upcoming Knight Frank auction, five strata-titled office units at The Bencoolen will be put up for sale for a sum of $7.8 million. Located at 180B Bencoolen Street in District 7, this 99-year leasehold property has 71 years remaining. It has a gross floor plot ratio of 4.2 and can be used for both commercial and residential purposes.
The five units cover a total area of 4,198 sq ft and are being used as one office until April 30th 2021. The units include a reception area, conference room, general office space, meeting room, pantry, and a store, all located on the same level, facing the building’s lift lobby.
This mixed-use development also consists of 182 apartments, 70 offices, and 95 shop units. Property amenities include swimming and wading pools, a clubhouse, a multi-purpose hall, a tennis court, saunas, and a gymnasium. Its basement and the second and third storeys provide ample car-park space at reasonable rates. In addition, The Bencoolen is only 500m away from the Rochor and Bugis MRT Stations.
In the last 12 months, units at The Bencoolen have sold for approximately $1,608 psf. They typically have been rented out for between $3.40 and $6.50 psf per month, or an average of $5.10 psf pm, giving landlords a rental yield of 3.8%. Comparatively, Bugis Cube and Byland Building have rental yields of 3.7% and 2.9%, respectively.
## Furthermore, the Tampines Ave 11 Condo’s proximity to Changi Airport means that residents too can get to their destinations swiftly. Additionally, the Tampines MRT station is just a stone’s throw away, allowing residents to easily access the MRT network. Residents can travel to the CBD or the popular Orchard shopping district in a short time.
Sharon Lee, head of auctions at Knight Frank, believes that getting an entire floor plate in this area is rare. She adds that the units are still in good condition, despite being lift-facing and with the restrooms located outside the subject units.
At the upcoming auction for these five office units at The Bencoolen, investors and property purchasers can take advantage of its proximity to the MRT station, its amenities, and its potential for a high rental yield.