Buy five office with strata titles for $7.8 mil
The Bencoolen development, located on 180B Bencoolen street in district 7, includes office units. The building complex is composed of a residential tower, an office block with 12 floors, three levels of shopping, and a cellar.
It includes 182 apartments and 70 offices. There are also 95 shops. There are swimming and wading-pools, as well as a clubhouse and multipurpose hall. A tennis court and saunas can also be found. Parking is available in the basement, second floor and third story at low rates.
The location of the development at the edge of town allows its residents to have easy access key transportation facilities. There are MRT stations at Rochor and Bugis within 500m.
The Bencoolen, five office with strata titles that are amalgamated will be auctioned for $7.8M on Nov 16th by Knight Frank. This is an owner-sale property with 99 years leasehold remaining.
Units covering 4,198 sq. ft. are currently being used by a single company until the 30th of April, 2019. It is the second auction of the property since Knight Frank earlier this month.
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Property is zoned as both commercial and residential, with gross floor plots ratios of 4.2. Each of the five units includes a reception space, conference room and general office area.
There are also partitioned office spaces, a pantry and a shop. These five units all face the elevator lobby of the building and are situated on the exact same floor.
Sharon Lee from Knight Frank’s head of auctions says it is extremely rare to get an entire floor in such a small area. She continues: “The lift is facing the unit, and restrooms outside are not included in floor area.” The units in question are also still in great condition.
According to caveats made in the last year, The Bencoolen units have sold at about $1608 psf. Rent data for the past year shows that units were rented at an average rate of $5.10 pm per square foot.
Rent yields are typically around 3.8%. The rental yield is 3.8%, which is more than other nearby office buildings like Bugis Cube Buildings and Bylands Building are two buildings that have yields on rental of respectively 3.7% and 2.9%.
The Bencoolen only had one retail sale in this year according to caveats submitted with the URA. The unit, which was 258 square feet in size and cost approximately $1.57million ($6,070psf), sold on the 14th of April for about $6.070psf.
A 258 sq ft unit was sold for approximately $1.57 million ($6,070 psf), on April 14.
