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Pair of Craig Road shophouses sold for S$18m

Posted by SG Property Home on November 18, 2017
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Recently transacted conservation shophouses for which caveats have lodged in the addition of a pair of adjoining conservation shophouses at 38 and 39 Craig Road.

With a courtyard in front, the pair of shophouses were bought for S$18 million by an entity affiliated with Clifton Partners, a property investment management firm.

The price translates to S$1,834 per square foot on the built-up area for the property; the site has a 99-year leasehold tenure that started in July 1989, so the lease still has 70 1/2 years left on it.

The property has three storeys plus an attic. The ground floor is leased to French restaurant Ma Cuisine, which also has an outlet in Beaune, France.

The second-floor tenant is Xi Yan Private Dining, while digital marketing consultant Decision Science Agency occupies the third and attic levels.

Based on existing leases, the price paid reflects a gross yield of about 3 per cent. The property has upside potential.

Clifton Partners, owned by Singaporean Zain Fancy, plans an extensive refurbishment when the existing leases expire, perhaps including the installation of a lift and maximising the built-up area.

The property is understood to have been sold by Bamboo Court, which is owned by Alan Choe,

a former head of the Urban Redevelopment Authority and also a former chairman of Sentosa Development Corporation and Sentosa Cove Pte Ltd.

Mr. Choe also sold 26 Ann Siang Road, a 999-year leasehold property, for S$14.7 million in September.

Opposite this property, Far East Organization recently picked up 23 Ann Siang Road for S$10.38 million from a group of investors.

The price for the 999-year leasehold property works out to about S$3,300 psf on built-up area.

The entire three-storeys shophouse is permanently approved for food-and-beverage use. Far East intends to lease out the property, which is now empty, for rental income, though market watchers believe the group may decide at some point to use the premises to operate one of its F&B concepts.

Industry observers say that the biggest shophouse buyer so far this year is 8M Real Estate, which sealed S$161 million in deals along Keong Saik Road, Ann Siang Road, and Boat Quay.

Affiliates of Clifton Partners have bought some S$120 million in shophouses since the start of the year, but also divested four other properties for about S$50 million.

Another big buyer this year is SilkRoad Property Partners, which was set up here in 2012 by the former AEW Asia senior management team led by Peter Wittendorp.

Adapted from: The Business Times, 18 November 2017

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