Published October 28, 2010
Over 80% of Hougang Green mall up for sale
MORE than 80 per cent of the total strata floor area of Hougang Green Shopping Mall is being sold by developer Hiap Hoe Holdings.
It is looking to sell the units for $78 million to $84 million, which works out to an average of $1,174 to $1,264 per sq ft of strata floor area.
Hougang Green is a two-storey complex with 78 strata-titled retail units and a total strata area of more than 82,600 sq ft.
Hiap Hoe's 57 units have a combined strata floor area of 66,435 sq ft and represent more than 80 per cent of the total strata floor area of the retail complex. By share value, the portfolio accounts for more than 57 per cent of the entire mixed development.
The units are all occupied, with tenants such as Shop N Save, Watsons, Guardian, 7-Eleven and Pizza Hut.
'Opportunities to acquire a large cluster of shops of this scale are few and far between. It's an attractive investment for investors looking for higher returns than from residential properties,' said Karamjit Singh, managing director of Credo Real Estate. Credo is conducting an expression-of-interest exercise to sell the shops.
Mr Singh said investors could also acquire the units with a view to selling them individually for a profit later. One of the first-floor units in the retail complex changed hands in December last year at $2,600 psf, he said.
The expression-of-interest exercise closes on Nov 25 at 2.30 pm.
http://www.businesstimes.com.sg
