Dr Stanley Quek, a doctor turned veteran property investor is believed to be parting with adjoining shophouses located in Duxton Hill.
This would be along with a shophouse in Stanley Street. The two deals separately would earn him an approximated S$37.3 million.
The shophouses in Duxton Hill, 40 and 41 would be sold for S$24.8 million. While the shophouse sit on separate lots they are linked together giving it an advantageous of corner shophouse façade.
Among the tenants at the street level is Latteria, an Italian restaurant which also has the lease for the adjacent open space under a Temporary Occupation Licence from the state and manages an alfresco dining area in the open space.
Adelphi Digital Consulting Group occupies the upper level of the unit.
The shophouse have a 99-year lease of which 69 years is left on the tenure. Together the shophouses occupy an area of 2,539 sq ft and have 8,900 sq ft sq ft built-up area along the four levels and attic.
The gross yield from rental for the property is good and stands at 3.7% with the sale prices being mapped against annual gross rental income which will serve as a major pull factor.
There have been reports that Alan Choe, Urban Redevelopment Authority’s former head who was also a Chairman with the Sentosa Development Corporation is buying these shophouses.
These shophouses are being sold by a consortium Dr Quek stitched together along with friends in the past.
He is also selling another entity 10 Stanley Street where he holds majority share to 8M Real Estate who is buying it with the vacant possession clause.
The site which is of freehold status occupies 1,426 sq ft and has four levels along with an attic.
8M Real Estate plans to refurbish this site and lease it out. Mondania Pte Ltd, boutique property agency’s Krystal Khor has brokered the deal.
In separate development PropNex Realty’s Ben Liu and Mondania have teamed up as exclusive marketing agents for four adjacent shophouses 39-42 Duxton Road.
The asking price for these shophouses is S$23.8 million.
The four lots have 68 years of lease tenure left with them and occupy 4,336 sq ft of area with their total built-up area standing at 8,100 sq ft.
The shophouses are owned by three parties who are unrelated and is located exactly opposite to Six Senses Duxton owned by Garcha Hotels.
While No.39 and 40 are owned by a Chan family’s company, Macoline (S) Pte Ltd owns No. 41 and the No. 42 belongs to C&P Rent-A-Car.
Ms Khor senior agent at Mondania said that the shophouses being adjacent are a huge advantage for the potential buyer.
The buyer would have the option to amalgamate the row of shophouses and convert them into a single unit for which necessary approval would have to be obtained from the authorities.
Given this advantage the buyer would be able to make efficient use of the available space.
The site is also close to the Maxwell Station which is being developed and would be a part of the Thomson-East Coast Line.