A six-storey office building at 182 Clemenceau Avenue (pictured) in District 9 is up for sale via an expression of interest (EOI) exercise at an indicative price of $90 million, reported the Business Times.
Based on its gross floor area (GFA) of 55,493 sq ft, the price translates to $1,622 psf, but if the net lettable area of 46,490 sq ft is used, it amounts to $1,936 psf.
Located between Haw Par Centre and Singapore Shopping Centre, the building is a short walk from Dhoby Ghaut Interchange. It sits on a site with a leasehold tenure of 99 years commencing from 24 September 1993.
Its land is zoned for commercial use with a plot ratio of 4.2+, but the property has already reached the maximum GFA permitted for the 12,007 sq ft site under the 2014 Master Plan.
The vendor is Reagle Investment Holdings, which in turn is entirely owned by a Mauritius-incorporated firm controlled by foreign investors that bought the building for around $74 million in 2011.
According to JLL, the property’s marketing agent, the entire building is vacant except for the ground level, which is rented out to Roberto Design.
“This creates a good opportunity for either owner occupiers, or investors keen to explore asset enhancement initiatives. For instance, giving the façade a makeover, renovating the toilets and other common areas, and reallocating spaces within the property,” said Anthony Barr, JLL’s Regional Director for Investments, adding that it is also suitable for retail use thanks to its large street frontage and double-height volume ground floor.
Furthermore, the vicinity is set to be revitalised with the redevelopment of Park Mall into a new mixed-use development, as well as the transformation of the House of Tan Yeok Nee into an upscale Traditional Chinese Medicine centre. This is expected to have spillover benefits for 182 Clemenceau Avenue, possibly raising its rent and capital values, Barr noted.
The EOI exercise will close on 30 March.
Image source: JLL