Thursday, August 02, 2012

Majority stake in Southbank SOHO block up for sale

An approximately 56 percent stake in the Southbank SOHO block (pictured
) is up for sale by Expression of Interest (EOI) with an asking price of S$63 million or S$1,812 psf, according to marketing agent CBRE.
The Southbank mixed development comprises a 40-storey residential block with 197 units and a 20-storey SOHO block with 60 units and 16 retail shops on the first floor.

With a combined strata area of 34,740 sq ft, the SOHO block stake includes 29 duplex loft SOHO units ranging from 883 to 1,593 sq ft; three single-level SOHO’s from 463 to 603 sq ft; and a 129 sq ft retail shop.

SOHO owners can enjoy a full range of facilities such as an infinity lap pool, gymnasium, function room and courtyard garden.



“With the current strong interest in strata-titled commercial properties, we expect the units to attract good interest from property funds, private-equity, family offices and high net-worth individuals both local and overseas, who are looking for good assets like this one for potential rental and capital appreciation,” said Sammi Lim, Senior Manager, Investment Properties at CBRE.

As the SOHO block is zoned commercial, it is not subject to the additional buyer’s stamp duty (ABSD) or Seller’s Stamp Duty (SSD).

Located at the junction of North Bridge Road and Crawford Street, Southbank offers easy access to several landmarks and the Lavender MRT station.

The EOI will end on 31 August.

View the original article here

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