30 Sep '14, 5am
#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.