Long House Food Centre sold to TEE Ventures for S$45.2m

Knight Frank Singapore has reported the sale of Long House Food Centre at Upper Thomson Road to TEE Ventures, a subsidiary of TEE Land, for S$45.2 million.

The popular food court has a land area of 1,575.6 sq m (approx. 16,960 sq ft). Under the 2008 Master Plan, the freehold site is designated as “Commercial and Residential” with a gross plot ratio of 3.0. The site is suitable for redevelopment into a four-storey mixed-use development with shops on the lower levels and residential apartments on the upper levels.

The subject property is strategically located next to an exclusive enclave of low-rise homes in the well sought-after Upper Thomson area. It enjoys the convenience of being near the Marymount MRT station, as well as the upcoming Upper Thomson MRT station.

Knight Frank noted that the property is situated within proximity to Thomson Plaza and the stretch of dining, shopping and entertainment facilities along Upper Thomson Road. Vehicular access to other parts of the island is enhanced by its close proximity to the CTE and PIE.

On site is an existing single-storey food centre. The property is a family-held asset, and as such, no approval from the Strata Titles Board is required.

Ian Loh, Director and Head of Investment and Capital Markets, Knight Frank, said: “The successful sale price translates to an equivalent land rate of approximately S$888 per sq ft per plot ratio (psf/pr) before factoring in development charge. This works out to approximately S$970 to S$980 psf/pr depending on the mix of commercial and residential quantum proposed, after factoring in an estimated development charge at prevailing rates.”

New freehold residential units at the nearby Three 11, in which Knight Frank is the sole marketing agent, have been transacted at approximately S$1,460 to S$1,860 psf over the past year, the consultancy noted.

Resale prices of commercial units in the vicinity have fetched approximately S$3,200 to S$4,100 psf for the freehold Thomson V Two over the past six months, and approximately S$4,640 to S$4,800 psf for Thomson Plaza with a balance leasehold tenure of approximately 62 years.

With the sale of Long House, Knight Frank has brokered a total of five mixed-use commercial and residential redevelopment sites over the past two years.

Source: PropertyGuru 7th January 2013

PROPERTY LAUNCHES & INVESTMENTS

Property Launches & Investments

Long House Food Centre sold to TEE Ventures for S$45.2m

Comments

Leave your comment