Fact Sheet

Storey: 6 + Basement

Tenure: Freehold

Land Area (est): 5,455 Sqft

Total Area (est): 19,913 Sqft

Usage: Basement: Office, L1:F&B, L2-L3: Night Club, L4-6: Office

Tenancy: Fully Occupied/Tenanted

资料

层数：6 + 地下一层

产权：永产权

土地面积（预计）：5,455 平方尺

总面积（预计）：19,913 平方尺

用途：地下一层：办公室，L1：餐饮，L2-L3：俱乐部，L4-L6:办公室

The Property is located at a highly prominent corner plot location directly fronting Serangoon Road. The incoming owner can create their own flagship building with naming rights. Farrer Park MRT is a mere 5 minutes walk away.

The Property’s regular floor plates are highly demanded by potential tenants. With the Farrer Park / Serangoon Road area’s rejuvenation, the incoming owner will be able to enjoy positive rental reversions upon the expiry of the existing lease agreements.

VALUE-ADD POTENTIAL

The incoming owner can explore the following value-add angles for the property:

1) Opportunity for Owner Occupation or Positive Rental Reversion

The current property is led at a passing rent of $55,863 per month (blended rate of $5.38 psf). This is lower compared to the achievable rents in the area. As majority of the tenancies will expire by end 2019, the incoming owner will have the option to terminate the tenancies to either provide vacant possession for an eventual owner-occupier or to improve the rental achieved for the property.

Based on the location and current market conditions, prospective parties can target the following rents:

• Level 1 – If leased to F&B tenants, achievable rental rates from $10.00 to $12.00 psf
• Level 2-3 – If leased to F&B / night club tenants, achievable rental rates from $7.00 to $9.00 psf
• Level 4-6 – If leased to office tenants, achievable rental rates from $6.00 to $6.50 psf2) Opportunity to Conduct AEI works or Redevelopment of BuildingThe property can be enhanced by either doing AEI works to improve the image of the building or an incoming developer can consider redeveloping the property to create a flagship commercial development on site.3) Change of UseThe property can potentially be converted to several alternative uses, subject to approval from relevant authorities. Potential uses include amongst others:

• Medical suites
• Co-working
• Serviced Apartments / Co-living
• Entertainment4) Potential to Acquire Adjoining NeighbourKeen investors has the opportunity to acquire the adjoining property, Claremont Hotel. The investor can explore various asset enhancement or repositioning strategy including a complete redevelopment, amalgamating the two properties or incorporating a new concept such as a part co-working and part co-living development.

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