The portfolio of 20 units for sale have a combined floor area of 39,504 sq ft and represents approximately 57% of the strata area of the entire building (Picture: Delasa)
SINGAPORE (EDGEPROP) - A portfolio of 20 strata-titled retail and office units at New World Centre, a three-storey commercial development on Jalan Berseh, off Jalan Besar, is up for sale with an indicative price of $55 million. The portfolio has a combined floor area of 39,504 sq ft, representing approximately 57% of the strata area of the entire building.
The portfolio units are located across all three floors of the building. The units located on the ground level are generally used for retail, with offices and entertainment space on the upper floors.
According to marketing agent Delasa, the vendors are open to selling the whole portfolio to a single purchaser or the strata units on an individual basis. The indicative price for the whole portfolio of 20 units is $55 million, which works out to an average of $1,392 psf on the total strata area of 39,504 sq ft. The indicative prices for the offices on levels 2 and 3 average at $1,265 psf, while the ground floor shops are priced at an average of $2,380 psf. The units are available for sale on a private treaty and first-come basis.
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Map and overview of New World Centre (Source: EdgeProp LandLens)
New World Centre was built in the late 1990s. The three-storey building comprises a total of 35 strata-titled shops and offices. It occupies land with about 70 years left on its 99-year lease. The building is located 250m away from the Jalan Besar MRT Station on the Downtown Line.
“This portfolio would appeal to a variety of buyers, including those who would love to be able to acquire a majority stake in such a commercial development located in a central and bustling area for its en bloc sale potential,” says Karamjit Singh, CEO of Delasa. “The asking price for this offers an en bloc sale arbitrage which may be realised with the consent of just over half of the balance owners”.
Singh also points out that the 20 units in the portfolio could be bought individually or in clusters, offering a wide range of permutations to suit different profiles of buyers. For example, a buyer looking for a prominent, main road fronting showroom could choose seven strata units spread across three levels on the Jalan Besar podium amounting to 11,000 sq ft, while buyers preferring a large space on a single floor, such as for an entertainment club, could opt for a second-floor unit of 15,000 sq ft. Meanwhile, smaller users or investors could acquire an 800 sq ft ground floor shop or a 500 sq ft office space on the third level.
Recent resale transactions at New World Centre (Source: EdgeProp Research)