Family firm putting 3 properties up for sale by tender

A family-owned company is putting three properties put up for sale by tender.

They are a large vacant Good Class Bungalow (GCB) plot at Holland Rise/East Sussex Lane, a freehold industrial redevelopment site at New Industrial Road, and a former cinema space at Sultan Plaza, on Jalan Sultan.

According to the marketing agent Credo Real Estate, these three properties belong to a family-owned company. A check with the Singapore Land Authority’s Inlis system found that the properties belong to the Kalwani family, who are Singaporean citizens.

Karamjit Singh, managing director of Credo Real Estate, said: “The company is looking to consolidate their portfolio of properties which they have acquired over the years. The three properties which they have identified for divestment are quite diverse in nature, each appealing to a different catchment of buyers.’

The Good Class Bungalow Holland Rise/East Sussex site is a 53,000 square foot site located in the Holland Rise GCB area.

The vendor is hoping to sell it at a price of between S$60 million and S$65 million, or about S$1,132 to S$1,226 per square foot.

The freehold industrial redevelopment site sits on a land area of 20,133 square foot located as part of Paya Lebar/ MacPherson/Tai Seng industrial estate.

The land is also zoned ‘Business 1’ with an allowable Gross Plot Ratio (GPR) of 2.5.

The vendor expects offers at between S$22 million and S$25 million, or about S$437 to S$497 per square foot per plot ratio.

The third property is a former cinema space located at Sultan Plaza, which used to accommodate 1,050 seats.

It has a strata area of 37,189 square feet with a net floor area of about 16,738 square feet.

The property has a 99-year leasehold tenure with effect from 2 May 1978.

The vendors expect an asking price of S$20 million, or S$1,195 per square foot, on the net lettable area.

Tenders for the sites at Holland Rise/East Sussex Lane and 27 Industrial Road close on 23 August 2012, at 2.30pm.

The tender for the cinema space at Sultan Plaza closes on 28 August 2012, at 2.30pm.

Source : Channel NewsAsia – 26 Jul 2012

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