Construction Company Kuan Aik Hong Puts Portfolio Freehold Assets Market 78 Mil
A group of four freehold properties situated at 155 Kitchener Road, 329 Changi Road, 362 Tanjong Katong Road, and 1 & 1B Figaro Street are currently available for purchase through an expression of interest (EOI) exercise for a guide price of $78 million. The assets can be acquired as a package or separately.
According to property titles, the ownership of the properties can be traced back to Kuan Aik Hong (KAH) Construction, a construction firm with a real estate wing that focuses on investments. On their website, the company lists a diverse portfolio including shophouses, industrial factories, residential landed properties, and mixed-use developments.
The properties consist of a mix of property types located in the city-fringe and eastern areas of Singapore. The first property, located at 155 Kitchener Road, is a pair of two-storey conservation shophouses with a six-storey rear extension. With an asking price of $29 million, it sits on 2,713 sq ft of land zoned for commercial use and boasts a total floor area of 8,175 sq ft, equivalent to $3,547 psf.
Another asset, situated at 329 Changi Road, is a four-storey mixed-use building priced at $26 million. It sits on a 3,819 sq ft land area zoned for residential use with a commercial space on the first storey. The asking price translates to $2,324 psf on the building’s total floor area of 11,187 sq ft.
The third property, located at 362 Tanjong Katong Road, is a two-storey conservation shophouse occupying 2,025 sq ft of land zoned for residential use with a commercial space on the first storey. It is priced at $11.5 million, equivalent to $3,026 psf on its 3,800 sq ft floor area.
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Lastly, 1 & 1B Figaro Street consist of two adjoining ground-floor strata retail units. With a total strata area of around 3,763 sq ft, the units are part of a corner two-storey shophouse zoned for residential use with a commercial space on the first storey. The asking price for this property is $11.5 million or $3,056 psf.
According to CBRE, the agency responsible for marketing the portfolio, the properties are currently occupied by a diverse mix of tenants. Clemence Lee, executive director of capital markets at CBRE, believes that each asset has unique features and potential for further value growth. “With the relevant approvals, the new investor can re-evaluate the tenant mix, seek strategic usage approvals, or extensively renovate and expand the existing floor area for certain properties within the portfolio,” he states.
The EOI for this portfolio will close on November 5th at 3pm.
