Apollo Centre Up For Sale For Over $200m

Source : The Business Times, September 4, 2007

Price tag amounts to $1,345 psf of net lettable area By UMA SHANKARI

APOLLO Centre, a commercial building in Havelock Road, is for sale for more than $200 million, the property firm marketing it said yesterday.

The 99-year leasehold property is being sold by Singapore-listed Apollo Enterprises.

And since the sale was announced, there have been many enquiries from potential investors, said marketing agent Knight Frank.

'Given the lack of similar investment buildings in the market and the many interests expressed, a transaction price in excess of $200 million is not unexpected,' it said.

At $200 million, the price would work out to $1,345 per square foot (psf) of net lettable area.

There are shops in the basement and on the first and second storeys and offices on upper floors.

By comparison, almost a whole floor of nearby Chinatown Point was sold recently for about $1,250 psf of net lettable area.

The Apollo Centre, a seven-storey office and retail building, has a land area of about 54,600 sq ft, and a gross floor area of around 217,500 sq ft. At present, the net lettable area is 148,700 sq ft.

There are shops in the basement and on the first and second storeys and offices on the upper floors.

Because of the limited supply of office space in the central business district, Apollo Enterprises has obtained in-principle approval to change the use of the building's second storey from retail to office.

If the whole floor is converted to office space and targeted at a single occupier, the lettable floor area could increase by about 11,000 sq ft, Knight Frank said.

It said rents in the area range from $7.50-$8.00 psf per month (psf pm) for office space and $8.00-$8.50 psf pm for retail space.

The tender for the Apollo Centre is open until 3pm on Oct 16.