SINGAPORE: Everitt Building – a four-storey commercial property at 116 Changi Road – has been sold to Roxy-Pacific Holdings’ subsidiary Roxy-Pacific Developments for S$35.5 million or S$877 per square foot.
The sale of the property, which has a net lettable area of 40,468 square feet, was conducted via a private treaty deal, said marketing agent CKS Property Consultants in a statement.
Everitt Building is near the Paya Lebar MRT Station and Eunos MRT Station, allowing it to leverage on crowds in the nearby Paya Lebar Central, which is slated for a makeover into a commercial hub under the Urban Redevelopment Authority Master Plan.
CKS Property Consultants said the new Paya Lebar Central would attract shoppers and the office crowd.
Everitt Building was completed in early 2000 and is a commercial building with attic, showroom and retail space on the first storey.
It also has 32 carpark lots in the basement. The building has an existing gross floor area of 50,892 square feet, based on a plot ratio of 3.0 over its site area of 16,965 square feet.
“Since the current building efficiency is about 79.5 per cent, plans for additions and alterations are likely, upon the completion of the purchase,” said Derrick Tan, head of investment at CKS Property Consultants.
Source: – CNA/al
It is interesting to observe lately that many owners are cashing out their properties during the recent months, be it residential or commercial properties. Is there something that is brewing in the coming near future that we may have missed out? Continue to watch the trend and look out for a pattern, as this may help us make sound decisions on which direction and action to take when dealing with real estate investment. Awesome!