30 Sep '14, 5am

#Singapore developer Hiap Hoe selling 39 strata-titled shops

#Singapore developer Hiap Hoe selling 39 strata-titled shops

SINGAPORE - Local property group Hiap Hoe is selling 39 strata-titled shops in a move to divest assets that are not part of its core business. The firm is looking at a selling price of about $55.6 million for a suite of 33 retail units in the basement of Parklane Shopping Mall, which is in Selegie Road. The shops make up the bulk of the portfolio, and have a combined floor area of 25,317 sq ft. The selling price works out to about $2,200 per sq ft (psf), based on the units' strata floor area, said broker Jones Lang LaSalle on Tuesday. "The units are fully occupied by a variety of tenants, generally catering to the young and active, such as gaming and entertainment centres," said Mr Karamjit Singh, head of investsments and residential at Jones Lang LaSalle.

Full article: http://www.straitstimes.com/news/business/property/story/...

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