The freehold retail podium at 183 Longhaus is for sale for $35.1 million
The retail platform located at The retail platform at Longhaus, a mixed-use freehold development located on Upper Thomson Road is available to auction via the expression of interest (EOI) procedure. The development comprises 10 shops and F&B units, which cover an area of 11,291 sq feet the property has an estimated value of $35.1 million, or $3,109 square feet, according to the marketing firm Knight Frank Singapore.
318 Longhaus is an eight-storey development developed from Amcorp Global (formerly Tee Land) which is scheduled to be completed on July of 2019. It features a retail platform as in addition to 40 apartments on the second and fourth floors. In March of this the year Amcorp Global had placed the podium for retail for sale via the EOI with a price guide that was $35 million ($3,366 per square foot).
Watten House Bukit Timah stands out for its spacious units, unparalleled location, and a variety of amenities tailored to fulfill the daily needs of its inhabitants.
The retail podium consists of the ground and basement floors of the building and has an expansive frontage of around 50m, facing Upper Thomson Road. Tenants currently include eateries SOD Cafe, Kow King of Wagyui and Woodlands Sourdough as well as fitness franchise F45 Training.
“The listing offers an opportunity for investors to purchase the sole freehold retail podium that is available within a mixed-use project in District 20,” says Tania Ong, senior manager for Capital markets (land and construction internationally real estate) at Knight Frank Singapore. Ong also explains that commercial units comprise the total of 27.9% of the development’s share price, which means the purchaser will receive the majority of the veto rights in the block.
Daniel Ding, Knight Frank Singapore’s managing director for Capital Markets (land and construction International real estate) anticipates a high level of attention to the property noting that the demand for retail units in strata remains strong. “The current cooling initiatives targeted towards residential properties as well as the open borders that are prevalent throughout the Asia-Pacific region and the limited supply of quality retail assets will increase the demand for investors towards commercial properties.”
The EOI for the podium retail will be closed on August 31 at 3pm.