Purchase five strata title office units at $7.8 million
The Bencoolen’s five strata-titled offices will go on sale for $7.8M at the Knight Frank next auction, which takes place on November 16. The property, which is a 99-year leasehold and has 71 remaining years of the lease term, will be sold by its owner at Knight Frank’s next auction on Nov 16.
These units are 4,198 square feet and will be used for a single-office until the end of April next year. The property is being auctioned for the second time since Knight Frank held its previous auction earlier in the month.
This complex includes 19-storeys of residential space, an office tower that is 12 stories high with three floors of retail podium and basement.
This development includes 182 apartment units, 70 office spaces, and 95 retail shops. The amenities of the development include swimming pools and wading pool, a gym, saunas and a fitness center.
This property has a gross plot ratio (or area) of 4.2. It is zoned both for residential and commercial use. Five office units are included in the sale.
Find out our Terra Hill showflat location here.
They include reception, conference, office, meeting, pantry and store. The five office units are located on the same floor, with the lift lobby in the background.
The Bencoolen is a mixed use development located at 180B Bencoolen St. in District 7. The offices are a part of the complex.
Basement and second and third floors offer ample parking space for reasonable prices. Its central location in the heart of Singapore allows for easy access to major transport hubs. The Rochor MRT Station and Bugis MRT Station are less than 500m away.
Based on the caveats filed in the past 12 months, units at The Bencoolen were sold for approximately $1,608 per square foot. According to rental data from the past 12 months, the average rent for units in this development was $5.10 per sq ft.
The rental yield is typically 3.8%. It is higher than the surrounding office towers, such as Bugis Cube Building and Bylands Building have rental yields of 3,7% and 2,9% respectively.
The Bencoolen has only sold one retail unit this year, according to the caveats filed with URA. On April 14, a 258-square-foot unit sold for $1.57m ($6,070 per square foot). In 2000, the seller purchased the property at $555,582 (or $2,151 per sq ft), which is equivalent to a $1,01 million profit.
Sharon Lee, the head of Knight Frank’s auctions, said that it is very rare to find a floor plan in this size. The unit faces the lift, while the toilets are located outside of the units. The subject units remain in good shape.