http://www.businesstimes.com.sg/arch...arket-20140826

Published August 26, 2014

2 Jln Besar properties on the market


TWO adjoining properties along Sam Leong Road, off Jalan Besar, are up for sale, says Chestertons Singapore, which has been appointed as the sole marketing agent for the deal.

The first building, currently vacant, is a three-storey freehold commercial building with a site area of approximately 2,726 square feet (253.3 square metres) and a gross floor area of approximately 7,887 sqft. It has an internal lift that services all floors, as well as a mechanised carpark for four carpark lots located at its rear.

The second building, currently tenanted, is a four-storey residential with commercial spaces at the first storey. It has a site area of approximately 1,335 sqft and a gross floor area of approximately 4,324 sqft.

The total indicative price for the properties is about S$17.5 million, or around S$1,433 per sqft.

Chestertons has said that although they prefer to market and eventually sell the two properties together, they are not completely against selling the assets separately.

The assets were previously owned by a "prominent local family-owned company" who reportedly purchased the properties for investment, according to Donald Han, Chestertons' managing director.

The buildings are within a short walking distance to Farrer Park MRT Station; they are also close to landmarks such as City Square Mall, Mustafa Centre, Serangoon Plaza, Parkroyal on Kitchener Road and Trio, an upcoming commercial development.

Although the properties sit on sites within the Jalan Besar conservation area, the two assets are not for conservation, providing an opportunity for interested parties to consider a redevelopment option.