Retail podium at CT Hub on the market for $85 mil
/ EdgeProp Singapore |
The retail podium at CT Hub comprises 49 strata units across two floors (Picture: ERA Realty Network)
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The retail podium at CT Hub, an industrial development on Kallang Avenue, is up for sale via an expression of interest (EOI) exercise with a guide price of $85 million. Spanning two floors, it comprises 49 strata units with a combined strata area of 51,028 sq ft. The guide price works out to $1,666 psf on the strata area.
Map showing location of CT Hub (Source: EdgeProp LandLens)
CT Hub is an 11-storey, multi-user industrial space with retail that was completed in 2012. Zoned for “Business 1 - White” use, it has a 99-year lease that will end in January 2076. It is a three-minute walk from the Bendemeer MRT Station on the Downtown Line and a 12-minute walk to the Lavender MRT Station on the East-West Line.
ERA Realty Network, the appointed marketing agent for the property, says the retail podium recently underwent a repositioning effort aimed at turning it into a sports and lifestyle destination, with current tenants including F&B operators and a rock-climbing gym. The property has “high occupancy rates”, the agency adds.
Steven Tan, managing director of capital markets and investment sales at ERA, says the future buyer could potentially see a gross yield of about 5% from the portfolio, backed by high occupancy and the potential for upward rental reversion this year. “This presents an excellent investment opportunity for investors seeking retail assets in a city-fringe locality.”
The EOI exercise for the retail podium will close on March 5 at 3pm.
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