Archive for category: Misc

The two adjacent retail units at People’s Park Complex in District 1, Chinatown, are to be put up for auction on Nov 16. Knight Frank Singapore has the responsibility of handling the auction. Located on the second and fourth levels, the indicative guide price for the 452 sq ft unit is $1.8 million ($3,982 psf), whereas the 484 sq ft unit on the fourth-level is priced at $800,000 ($1,653 psf).

This isn’t the first time they have been put up for sale. At present, they are both tenanted. The second-floor unit has a two-year lease with a rental rate of $5,000 per month. On the fourth-floor, there is a wellness therapy business that pays $1,800 per month up to July 2025.

Tampines Ave 11 Condo UOL Group, the new residential enclave in the East, is part of the grand Singapore Master Plan. Residents of the new condominium will enjoy more than just the convenience of having transportation, retail, dining and leisure hubs nearby. They will also benefit from the improved healthcare services thanks to the Integrated Health Hub in nearby Bedok. The Hub will provide a range of healthcare services, from general and rehabilitation services to ambulatory. This means residents of Tampines Ave 11 Condo UOL Group will have their healthcare needs met without needing to travel far, adding to its overall appeal.

The current owner of the second-storey retail unit procured it for $1.45 million ($3,207 psf) last April. Similarly, the fourth-storey unit was bought by its current owner for $828,000 ($1,709 psf) in May 2019.

Unexpectedly, the two units are not subject to GST, ABSD or SSD, making them attractive to investors – locals, foreigners, as well as corporate buyers. Furthermore, as the development is zoned for commercial use with the URA’s 2019 Masterplan and a gross plot ratio of 5.6, there is potential for an en bloc sale.

Located at the junction of Eu Tong Sen Road and Park Crescent, People’s Park Complex has been around for almost 50 years and is a 99-year leasehold with 44 years left on its lease. It is accessible via both the Chinatown and Outram Park MRT Stations, making it a popular tourist destination with high footfall.

In the past 12 months, records show that at People’s Park Complex, retail units were sold for an average of $947 psf. Rental ranges from $2.40 psf per month (pm) to $7.10 psf pm, or an average of $4.60 psf pm. This means a high rental yield of 5.8%.

The rental yield in other nearby malls is comparatively lower. For instance, Havelock2 on Havelock Road, within a 500m radius of People’s Park Centre, has a rental yield of 4.6%, while Chinatown Point on New Bridge Road has a yield of 3.4%.

Recent news of the 6,000 residential homes to be built on Pearl’s Hill in Chinatown will further drive footfall to the development, allowing it to reap higher investment yields.

Further alluring investors, the two units are not subjected to GST, ABSD or SSD. With an oozing potential for both tourists and locals alike, it is anticipated that the two units will be priced competitively. Records from the past year show that People’s Park Complex retail units typically sell for $947 psf on average, with a high rental yield of 5.8%.