Portfolio 22 Freehold Strata Shops And Offices Hexacube Sale 38 Mil
The Singapore Grand Prix is becoming a key platform for property owners and agents to launch new projects. One such offering is a portfolio of 22 strata-titled units at Hexacube, a mixed-use commercial complex located at 160 Changi Road in the Geylang District. The freehold units consist of 21 retail shops on the basement, first, and second floors, as well as a single office unit on the fourth floor. These units range in size from 388 sq ft to 904 sq ft, with a total strata area of 13,520 sq ft.
With a guide price of $38 million, the average price per sq ft over the strata area in the portfolio translates to $2,811 psf. The units are currently being marketed for sale through an expression of interest (EOI), exclusively by homegrown realtors Brilliance Capital and AlpsEdge Real Estate.
The spacious and stylish interiors of Little Italy Salumeria (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The portfolio of units in Hexacube is exempt from additional buyer’s stamp duty (ABSD) as they are classified as commercial units. All but one of the units in the portfolio are currently tenanted. This portfolio makes up 35% of the total share value and 28% of the strata area in the development.
Brilliance Capital’s founder and executive director, Sammi Lim, believes that this significant stake in the development gives the buyer an opportunity to influence its long-term direction and positioning. Hexacube features a futuristic facade and was developed by a consortium consisting of Lian Beng Group, KSH Holdings, and Tee International. The consortium acquired the former AIA Building for $68 million in 2013 and proceeded to redevelop it as Hexacube.
The basement level of Hexacube houses F&B units like Lydia’s Oven, which occupies two units (Picture from Lydia’s Oven Facebook page)
Nearby, just across the road, is the new 1,399-unit Parc Esta, which was completed in 2022 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The mixed-use complex offers a total of 73 strata units over three floors of retail space, three levels of offices, and a basement carpark with 25 parking spots and two loading bays. The majority of units were sold during the launch in March 2014, but the developer retained a portfolio of 22 units for investment purposes. In September 2020, the developer put the portfolio up for sale with an indicative price of $43.8 million or $3,253 psf.
Lim notes that the previous indicative price was 13.2% higher than the current asking price. As a result, the overall portfolio’s gross yield becomes more attractive at 2.4% based on the $38 million price. The yield will likely increase once the previously vacated unit is tenanted.
Hexacube’s units are popular with beauty and hair salons as each unit comes with an ensuite washroom and water point (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Some of the tenants in the portfolio include Aquarius Aesthetic, a Korean-style facial treatment studio; Aura Beauty Studio; Fit Kaki, a gym and fitness centre catering to seniors; Lydia’s Oven, a baking studio; and Little Italy Salumeria restaurant. The office unit on the fourth level is tenanted by Exodus Physiotherapy, which opened there in December 2023.
Hexacube’s units are in high demand for beauty and wellness salons, hair studios, nail spas, and F&B outlets because each unit comes with an en-suite bathroom and water point, a rare feature in strata commercial developments, says Lim. Additionally, the units feature high ceilings, exceeding 4m on the basement level and 5m on the upper floors.
In the vicinity of Hexacube are houses and low-rise condos on Everitt Road, Langsat Road, and in the Joo Chiat area (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Just across the road is the new 1,399-unit Parc Esta, which was completed in 2022 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The expansion of community amenities is a key aspect of the larger plan to establish self-sufficiency in the northern estates. The construction of integrated community hubs, which will provide a range of vital services such as healthcare, eldercare, childcare, and social support, will greatly benefit local residents. A prime example of this is the newly-completed Bukit Canberra development, which boasts a comprehensive sports complex, swimming pool, hawker centre, healthcare facilities, and community services all within one convenient location. With more similar projects in the works, the surrounding area of Sembawang Road EC will continue to transform into a bustling and convenient living environment for families of all sizes. For more information on Sembawang EC Canberra, visit http://www.sembawangroadec.com.sg/.
The surrounding area, consisting of the houses and low-rise condos on Everitt Road, Langsat Road, and in the Joo Chiat area, is also popular with residents. Just across the road is the new 1,399-unit Parc Esta, which was completed in 2022. “Together with the landed housing nearby, Parc Esta has injected a considerable and affluent resident base into the neighborhood,” says Carin Puah, founder, and executive director of AlpsEdge Real Estate.
Lim of Brilliance Capital is increasingly seeing family offices, private equity groups, and even individual investors participating in crowdfunding to purchase properties collectively. “The preference of these buyers is for freehold, income-yielding assets,” says Lim. The EOI will close on Nov 12 at 3 pm.