BIG-TICKET property deals may have slowed to a trickle, but Singapore’s commercial and industrial spaces continued to draw interest from business owners and investors during the weeks that the world was experiencing tighter border controls and rising number of lockdowns amid the Covid-19 outbreak.

 A freehold shophouse in Holland Village is changing hands for S$15.2 million, slightly more than the S$14.16 million the owner paid for the property over two years ago.

 The two-storey property at 257 Holland Avenue is fully leased to the Industrial and Commercial Bank of China (ICBC). The price reflects a gross yield of slightly more than 3 per cent based on the existing rental income from the property, according to KF Property Network agent Jac Teo, who acted for the seller.

 The shophouse has a land area of 1,504 square feet and a built-up area of slightly more than 2,000 sq ft.

 The property is being sold by a Singapore-incorporated company that is majority owned by a Malaysian citizen. BT understands that the buyer is a home-grown company that supplies timber, plywood and other materials to a variety of local industries including construction, furniture and exhibitions.

 The option to purchase the shophouse was granted in late February and exercised around mid-March.

 Meanwhile in the industrial property segment, the six-storey International Press Building at 26 Kallang Avenue is being sold for S$26 million to the StorHub Group. The seller is Catalist-listed International Press Softcom.

 The price works out to around S$193 per square foot (psf) based on the gross floor area of about 12,500 square metres (134,549 sq ft).

 The property is on a site with a balance lease term of nearly 30 years.

 A sale and purchase agreement was inked on March 31, as announced by the building’s owner. This followed a memorandum of understanding entered into on Feb 17.

 The transaction is subject to conditions. Savills Singapore marketed the property.

 There have also been a few deals that were either entered into or completed before the onset of the Covid-19 outbreak here, but which have come to light in the local property circle more recently.

 In the strata retail property market, nine units on level one of People’s Park Centre in Chinatown have been sold for a total of S$22.2 million. The price works out to S$3,891 psf based on the total strata area of 5,705 sq ft.

 Located along Upper Cross Street, People’s Park Centre is on a site with about 49 years’ remaining lease.

 The units were sold by Travelite Holdings founder and executive chairman Thang Teck Jong and his wife Kong Ling Ting, alias Kang Ling Ting .

 The new owner of the property is K2 F&B Holdings, a Singapore-based food and beverage group that was listed on the Hong Kong Stock Exchange last year. The group is controlled by fishmonger-turned-coffee-shop tycoon Winston Chu Chee Keong and his wife Pamela Leow Poh Hoon. Some of the group’s coffeeshops are run under the Fu Chan brand.

 The group plans to use the nine units it has bought at People’s Park Centre to open an air-conditioned food court after the existing tenancy agreements for the units end.

 K2 F&B Holdings was granted an option to purchase the nine units in early January; the group exercised the option in mid-February, and the transaction was completed on March 24.

Earlier this month, BT reported the sale of a freehold strata retail unit at 1 St Martin’s Drive for S$43 million, or S$4,586 psf based on the strata area of 9,375 sq ft (inclusive of a private car park).

 The unit – the only commercial unit at St Martin’s Apartment – fronts Tanglin Road and is opposite the Tudor Court Shopping Gallery.

 The unit’s new owner is D’League Pte Ltd, which holds the Asia distributorship for upscale Swiss watch brand Richard Mille. Market watchers expect D’League, which is controlled by Indonesian businessman Nurdian Cuaca, to turn the property into a watch showroom.

 BT understands that that the deal was entered into in December last year and completed in late March.

 Interestingly, BT recently heard on the grapevine that, before Mr Cuaca bought the Tanglin property, another entity controlled by him acquired a row of six strata retail units on Level 1 of Lucky Plaza for S$30 million or S$9,578 psf on a total strata area of 3,132 sq ft.

 The freehold Lucky Plaza is along Orchard Road; the six units that Mr Cuaca has bought are along the side of the building facing Tang Plaza. The transaction was completed in the fourth quarter of last year.


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