Parkway Centre Up For Sale

Source : The Straits Times, Oct 20, 20008

PARKWAY Centre, a commercial block next to the bustling Parkway Parade mall, has been put up for collective sale by tender.
It is one of the few developments put up for collective sale in recent months as sentiment has been hit by the financial crisis.

Sole marketing agent Jones Lang LaSalle said the owners of the 99-year leasehold block in Marine Parade expect a price of around $160 million.

This works out to $1,000 per sq ft per plot ratio, which represents a premium of 40 to 50 per cent over an individual sale.

Work on the collective sale began late last year. In August, foreign funds and foreign developers with existing projects in Singapore indicated interest in Parkway Centre, said Jones Lang LaSalle's associate director of investments, Mr David Batchelor.

He said the buyer could build an all-retail project or an office-cum-retail complex of 157,625 sq ft of gross floor area, subject to approval.

The 13-storey building, which has 72 years left on its lease, has 110 units, of which three are shops and the rest offices. There is a McDonald's on the ground floor.

A firm linked to Hong Kong-listed Far East Holdings International, which developed the former Tang Dynasty City in Jurong, owns 40 per cent of the building.

The sale tender closes on Nov 19.