28 Roberts Lane (Picture: CBRE)
SINGAPORE (EDGEPROP) - A six-storey freehold building at 28 Roberts Lane, located in the Farrer Park precinct, is up for sale via an expression of interest exercise at a guide price of $16.88 million.
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The building at 28 Roberts Lane (Picture: CBRE)
The building sits on a land area of 2,003 sq ft and has gross floor area (GFA) of 8,522 sq ft comprising a commercial unit on the ground floor and residential units on the upper floors. According to marketing agent CBRE, the commercial unit is currently tenanted by a retail shop. The building is also equipped with lift access and has a private car park with six parking lots. (Find Singapore commercial properties with our commercial directory)
The guide price for the building works out to $1,981 psf based on its GFA. Clemence Lee, executive director of capital markets, Singapore at CBRE, says the property represents an opportunity for prospective buyers to own a freehold building for a “palatable investment quantum”.
Map and overview of 28 Roberts Lane (Source: EdgeProp LandLens)
He adds that the property’s city-fringe location will offer the incoming buyer immediate and stable rental income. Located in Farrer Park, the building is within walking distance of the Farrer Park MRT Station (North East Line) as well as the Little India MRT Station (Downtown and North East Lines). It is also close to commercial developments such as City Square Mall, Connexion, Centrium Square, Uptown @ Farrer.
The building is a five-minute walk to upcoming integrated development Piccadilly Grand, which will include residential and retail components. The 407 residential units at the development, which launched in May, has seen a take-up rate of over 84%, with units sold at an average price of $2,176 psf – a new benchmark for District 8, according to CBRE.
Meanwhile, shophouse sales in District 8 have also surged this year, with a total transaction volume of $481.5 million year-to-date, surpassing the $354.1 million recorded last year. A recent notable transaction was the sale of an island block of five adjoining shophouses at 109 to 117 Jalan Besar, which changed hands for $40 million.
The strong transaction activity across various sectiors in District 8 denotes investors’ ongoing confidence in the location’s prospects, remarks CBRE’s Lee. He expects the area to further benefit from ongoing rejuvenation efforts, which will in turn support rental and capital appreciation of properties in the Farrer Park precint.
He adds that the future owner of the building at 28 Roberts Lane could potentially explore value-add opportunities to boost existing rental returns, subject to obtaining approvals from the relevant authorities. This includes carrying out improvement works to the façade and interiors and repositioning the asset for alternative uses such as co-living or as a students’ hostel.
The expression of interest exercise for the building will close on Jan 17, 2023 at 3pm.
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