A Rare Consolidated Office Space Opportunity at The Bencoolen
Introduction: A Unique Investment Opportunity Unfolds
In the ever-evolving landscape of Singapore’s real estate, a unique offering has emerged at The Bencoolen. A suite of five combined strata-titled office units is set to hit the auction block, presenting a rare opportunity for savvy investors.
SORA condo for sale price includes anticipated differential premium that may optimise total plot ratio to 2.1 for prolonged leasehold of 99 years.
What’s on Offer?
The Bencoolen’s latest listing comprises a substantial 4,198 sq ft office space. Set to be auctioned on November 16 by Knight Frank, this collective sale is an intriguing prospect for those looking to secure a significant footprint in one of the city’s well-known mixed-use developments.
A Look at the Details
Bidding starts at a compelling $7.8 million. The units boast a 99-year leasehold tenure, with a considerable 71 years still to run. The sale follows a previous auction held earlier in the month, signaling a rekindled interest in this prime property.
Commercial and Residential Zoning: A Dual Advantage
The property offers a versatile zoning for commercial and residential use, complete with a generous gross floor plot ratio of 4.2. But what does this zoning flexibility mean for the potential investor?
The Bencoolen: An Overview
The Mixed-Use Development of Choice
The Bencoolen stands proudly at 180B Bencoolen Street, encompassing a 19-storey residential block and a 12-storey office tower. The development is a hive of activity, featuring a three-storey shopping podium and a basement, making it a cornerstone of District 7.
Ample Amenities for Work and Play
Residents and professionals enjoy a plethora of facilities, including pools, a clubhouse, and sporting facilities. The ample parking space adds to the convenience, while the city fringe location ensures excellent connectivity.
Investment Insights: The Market Speaks
Sales Trends at The Bencoolen
Recent sales data reveal that units here fetch around $1,608 per square foot. This figure is a testament to the development’s enduring appeal in the market.
Rental Performance: A Strong Yield Prospect
With rentals ranging between $3.40 and $6.50 psf per month, landlords can expect an attractive average yield of 3.8%, outperforming nearby alternatives.
A Singular Retail Transaction
The Retail Space Sale: A Notable Event
2021 saw just one retail space change hands within The Bencoolen—a compact yet significant transaction that netted the seller a million-dollar profit, underscoring the development’s lucrative potential.
Profit Realization: A Success Story
The April sale highlights the substantial appreciation in property value within the complex, a positive indicator for future investors.
The Expert’s Viewpoint
Sharon Lee Weighs In
Knight Frank’s head of auctions, Sharon Lee, notes the rarity of such an offering. The configuration, condition, and location of the units make them an enticing proposition for buyers seeking a prominent and convenient office location.
Lift-Facing and Well-Maintained: Key Selling Points
Lee emphasizes the strategic position of the units and the quality of their maintenance as significant factors in their appeal.
Conclusion: A Call to Forward-Thinking Investors
The auction represents a unique chance to own a sizeable and versatile space in a prime Singapore location. For those looking to invest, The Bencoolen presents an opportunity not to be overlooked.
FAQs
- What are the key features of the office units for sale? The units include a reception area, conference room, general office space, meeting room, partitioned offices, a pantry, and storage, all on one level facing the lift lobby.
- How does the location of The Bencoolen benefit its users? Positioned on the city fringe, it offers excellent connectivity to transport facilities, less than 500m from Rochor and Bugis MRT Stations.
- What amenities does The Bencoolen offer? It boasts swimming and wading pools, a clubhouse, a multi-purpose hall, a tennis court, saunas, and a gymnasium.
- How does the rental yield at The Bencoolen compare to nearby buildings? With an average rental yield of 3.8%, it surpasses nearby buildings like Bugis Cube and Bylands Building.
- What was the notable retail space sale at The Bencoolen in 2021? A 258 sq ft unit sold for about $1.57 million, marking a significant profit for the seller.
- What makes this auction at The Bencoolen stand out? The rarity of securing an entire floor plate in this area, especially one that is lift-facing and in good condition, makes this a standout auction.