Construction Company Kuan Aik Hong Puts Portfolio Freehold Assets Market 78 Mil
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A collection of four freehold properties situated at 155 Kitchener Road, 329 Changi Road, 362 Tanjong Katong Road, and 1 & 1B Figaro Street are currently on the market for sale through an expression of interest (EOI) exercise. The guide price for the entire portfolio is set at $78 million, and the properties are available for purchase as a whole or individually.
According to the property titles, the four assets are owned by units associated with Kuan Aik Hong (KAH) Construction, a construction company with a real estate arm that focuses on investments. The company’s website states that its diverse portfolio includes shophouses, industrial factories, residential landed properties, and mixed-use developments.
These properties offer a variety of property types in prime locations in the city-fringe and eastern areas of Singapore. The first property, located at 155 Kitchener Road, is a pair of two-storey conservation shophouses with a six-storey rear extension. With a total land area of 2,713 sq ft and zoned for commercial use, it is available for purchase at a price of $29 million. The property boasts a total floor area of 8,175 sq ft, which equates to a per square foot price of $3,547.
Another property on the portfolio, located at 329 Changi Road, is a four-storey mixed-use building with an asking price of $26 million. Sitting on a land area of 3,819 sq ft and zoned for residential use, this property features a commercial space on the first storey. The per square foot price of $2,324 is based on the building’s total floor area of 11,187 sq ft.
The third property, situated at 362 Tanjong Katong Road, is a two-storey conservation shophouse occupying 2,025 sq ft of land and is also zoned for residential use with a commercial space on the first storey. With an asking price of $11.5 million, the total floor area of 3,800 sq ft translates to a price of $3,026 per square foot.
Lastly, the property at 1 & 1B Figaro Street comprises two adjacent ground-floor strata retail units. With a total strata area of approximately 3,763 sq ft, these units are part of a corner two-storey shophouse that has a residential use zoning with commercial space on the first storey. The asking price for this property is $11.5 million, or $3,056 per square foot.
CBRE, the marketing agent for this portfolio, reports that these properties are currently occupied by a diverse mix of tenants. Executive Director of Capital Markets at CBRE, Clemence Lee, adds that each of the assets has unique attributes and has potential for further value enhancement. He suggests that interested buyers could consider refreshing the tenant mix, applying for strategic usage approvals, or extensively refurbishing and expanding the existing floor area for certain properties within the portfolio, with the relevant authorities’ approval.
The EOI for these properties will close on November 5th at 3pm.