Entities connected to veteran property investor Stanley Quek are understood to be selling a pair of adjoining shophouses in Duxton Hill and a shophouse in Stanley Street in separate deals totaling S$37.3 million. The pair of shophouses at 40 and 41 Duxton Hill are changing hands at S$24.8 million. They are on two separate land lots, but the units are linked, forming a distinctive corner shophouse lot.
Tenants are on the street level include Italian restaurant Latteria, which has also leased the open space next door from the state on a Temporary Occupation Licence for an alfresco dining area. The upper levels are leased to Adelphi Digital Consulting Group. Both shophouses are on sites with 99-year leasehold tenures, and have about 69 years left on the lease. The two units have a total land area of 2,529 sqft; their total built up area is estimated at about 8,900 sqft across four levels and an attic. Based on the annual gross rental income from these units, which are fully leased, the transaction price is understood to reflect a gross yield of about 3.7 per cent. The Business Times understands that the shophouse pair is being picked up by Alan Choe, a former head of the Urban Redevelopment Authority and also former chairman of Sentosa Development Corporation.
They are being sold by a small consortium of friends stitched together by Dr Quek, a doctor-turned property developer/investor. A separate entity majority owned byhim is selling 10 Stanley Street on vacant possession to 8M Real Estate. The freehold property is on a 1,426 sq ft site and spans four levels and an attic. 8M Real Estate is expected to refurbish the property and lease it out. The deal was brokered by Krystal Khor of boutique property agency Mondania Pte Ltd. Separately, Mondania Pte Ltd has teamed up with Ben Liu of PropNex Realty Pte Ltd to exclusively market a row of four adjoining two-storey shophouses at 39,40,41 and 42 Duxton Road.
The asking price: S$23.8 million. The properties are on four separate land lots, each with about 68 years left on the lease. The total land area is about 4,336 sq ft; their combined built up area is about 8,100 sqft. Located opposite Garcha Hotel’s Six Senses Duxton, the four shophouses are owned by three unrelated parties. Nos. 39 and 40 are owned by a company controlled by a Chan family no. 41 is owned by Macoline (S) Pte Ltd and no. 42 by C&P Rent-A-Car. Said Ms Khor of Mondania: “A buyer of this row of four shophouses could potentially amalgamate them to a single unit – subject to approval from the authorities; this will increase space efficiency for potential tenants.”
The properties are located near the upcoming Maxwell Station on the Thomson-East Coast Line.