reporter2
22-08-13, 11:53
http://www.straitstimes.com/archive/tuesday/premium/money/story/avant-aljunied-condo-sale-20130820
Avant at Aljunied condo up for sale
Published on Aug 20, 2013
http://www.straitstimes.com/archive/tuesday/sites/straitstimes.com/files/imagecache/story-gallery-featured/20130820/ST_20130820_RSALJUNIED20_3799959e.jpg
Avant at Aljunied, which received its temporary occupation permit last October, is on a 99-year lease and has 50 units. It has a mix of studio, one-bedroom and two-bedroom apartments. -- PHOTO: CBRE
By Rachel Scully
THE Avant at Aljunied condominium has been put up for sale - less than a year after its completion.
The standalone eight-storey building is on a 99-year lease and has 50 flats, all rented to a single, unnamed tenant.
It has a guide price of between $42 million and $44 million, which translates to $1,394 to $1,461 per sq ft (psf) given its gross floor area of about 30,108 sq ft.
Transactions in similar developments in the immediate vicinity such as Suites @ Guillemard and Suites @ Sims have achieved $1,500 to $1,900 psf in recent months, CBRE noted yesterday.
Avant, which received its temporary occupation permit only last October, has a mix of studio, one-bedroom and two- bedroom units, with 43 of the 50 units less than 540 sq ft each.
Its amenities include a swimming pool, secure card access and a mechanised car-parking system.
Mr Galven Tan, the associate director of investment properties at CBRE, said the developer and owner initially saw the project as a long-term investment. But after receiving several unsolicited offers in the past few months, they have decided to divest the property and pursue other investments.
Opening up the sale to the market would help the developer to obtain the maximum price for the property, he added.
"The buyer can enjoy recurring income from the tenant that is already in place and in future, sell off the property, either en bloc or unit by unit," said Mr Tan. Based on the guide price, the buyer could expect an annual rental yield of 3 per cent, he added.
The expression of interest closes at 3pm on Sept 24.
[email protected]
Avant at Aljunied condo up for sale
Published on Aug 20, 2013
http://www.straitstimes.com/archive/tuesday/sites/straitstimes.com/files/imagecache/story-gallery-featured/20130820/ST_20130820_RSALJUNIED20_3799959e.jpg
Avant at Aljunied, which received its temporary occupation permit last October, is on a 99-year lease and has 50 units. It has a mix of studio, one-bedroom and two-bedroom apartments. -- PHOTO: CBRE
By Rachel Scully
THE Avant at Aljunied condominium has been put up for sale - less than a year after its completion.
The standalone eight-storey building is on a 99-year lease and has 50 flats, all rented to a single, unnamed tenant.
It has a guide price of between $42 million and $44 million, which translates to $1,394 to $1,461 per sq ft (psf) given its gross floor area of about 30,108 sq ft.
Transactions in similar developments in the immediate vicinity such as Suites @ Guillemard and Suites @ Sims have achieved $1,500 to $1,900 psf in recent months, CBRE noted yesterday.
Avant, which received its temporary occupation permit only last October, has a mix of studio, one-bedroom and two- bedroom units, with 43 of the 50 units less than 540 sq ft each.
Its amenities include a swimming pool, secure card access and a mechanised car-parking system.
Mr Galven Tan, the associate director of investment properties at CBRE, said the developer and owner initially saw the project as a long-term investment. But after receiving several unsolicited offers in the past few months, they have decided to divest the property and pursue other investments.
Opening up the sale to the market would help the developer to obtain the maximum price for the property, he added.
"The buyer can enjoy recurring income from the tenant that is already in place and in future, sell off the property, either en bloc or unit by unit," said Mr Tan. Based on the guide price, the buyer could expect an annual rental yield of 3 per cent, he added.
The expression of interest closes at 3pm on Sept 24.
[email protected]