SINGAPORE, 22 January 2024– ERA Realty Network Pte Ltd (“ERA”) is pleased to announce its exclusive appointment to launch for sale via Expression of Interest, a unique opportunity to acquire two floors of prime retail space in CT Hub for a guide price of SGD85 million (or SGD1,666 psf on strata area).
Strategically located along the junction of Kallang Avenue and Kallang Bahru, the retail podium spans across two floors within CT Hub, an 11-storey multiple-user light industrial building. It comprises 49 strata units offering a combined strata area of 4,741 sq m (or approximately 51,028 sq ft).
The property boasts exceptional accessibility, with Bendemeer and Lavender MRT Stations just 3 minutes and 12 minutes’ walk away, respectively. It is also easily accessible via major roads and expressways, including Lavender Street, Kallang Bahru, Serangoon Road, Bendemeer Road, Balestier Road, Central Expressway (CTE), and Kallang Paya Lebar Expressway (KPE).
Being in the city fringe, the property benefits from its proximity to numerous lifestyle and entertainment destinations such as Singapore Sports Hub, Singapore National Stadium, Lavender, Clarke Quay and Chinatown. It is also less than 14 minutes’ drive away from Singapore’s Central Business District. The retail podium enjoys a ready catchment pool from the nearby industrial buildings, as well as residential enclaves of Boon Keng and Kallang, and numerous boutique hotels opposite CT Hub.
The retail podium has recently undergone a repositioning effort, transforming into a dynamic sports and lifestyle destination. Boasting a diverse range of Food & Beverage options, sports and entertainment facilities, including a rock-climbing feature on the ground floor of the podium, which is a huge draw of patrons during weekday nights and weekends. The property currently maintains high occupancy rates, offering potential investors immediate rental income and the possibility of rental upside upon renewal.
Mr Steven Tan, Managing Director of Capital Markets & Investment Sales at ERA, said “The retail scene in Singapore is expected to remain robust in 2024, buoyed by resilient consumer spending and the continuous recovery of inbound tourism. This presents an excellent investment opportunity for investors seeking for retail assets in city fringe locality, with the potential for a gross yield of about 5%, given its current high occupancy and potential for upward rental reversion by the end of 2024”.
“We believe that the retail podium’s strategic location, only minutes away from the MRT stations by foot, offer utmost convenience for both tenants and patrons to the mall. With its latest repositioning to include a rock-climbing tenant, it is a significant draw for rock-climbing enthusiasts during weekday nights and weekends, contributing to the overall appeal and character of the mall, potentially increasing foot traffic and engagement,” he added.
The Expression of Interest exercise for the prime retail space in CT Hub closes on Tuesday, 5 March 2024 at 3pm.
