Income Building up for Sales

This building is up for sales. Waiting for Mr Tollman's decision

23 Middle Road

This is a 6-storey building and built in the year 2001. It is a 999 leasehold property. NFA 17,000 sq ft Asking price S$28 million. Works out to S$1,648 psf. Current total rental is S$720,000 per annum which is approximately 2.57% on 28M. To achieve at least a 5% return, the building is worth at most 15 million. 50% of tenant lease agreement due on 1st January 2008 and at current rate, the rental in the area should be between S$5-6 psf

Located in middle road, 3 minutes walk from the Old Raffles Hotel

and 1 minutes away from the New National Library. 3 minites walk

to the Inter-continental hotel

Current ground floor is occupied by a design school

Lift Lobby Entrance to the main building

It has 2 spacious lifts

List of current tenants

23 Middle Road

Bulidng is located just across the Beach Road building which we are waiting for answer

It has a roof garden

1st storey floor plan

3rd Storey Floor Plan

Rise in value of office space here is highest in the world

20 July 2007

Rise in value of office space here is highest in the world
By Fiona Chan, Property Reporter

SINGAPORE'S office buildings have shot up in value by more than anywhere else in the world over the past year.
These soaring values, as well as a rush of investment capital into Singapore, have made the property market here the world's hottest.
This was revealed by property firm Jones Lang LaSalle (JLL) earlier this week, ahead of a fuller report on global real estate investment due out next month. It will track property deals above US$5 million (S$6.5 million) worldwide, most of which involve commercial real estate, such as offices and shops.
JLL's head of Asia capital markets, Mr Stuart Crow, elaborated on the preliminary findings yesterday.
He told The Straits Times that capital values of property in Singapore, particularly offices, have risen the most in the world in terms of a straight monetary increase rather than a percentage rise.
In the prime Raffles Place area, office values rose by US$804 per sq ft (psf) in the last 12 months, boosted by a supply crunch and soaring rentals. This is more than double the increase in Hong Kong's central district, where offices rose about US$280 psf in value on average, he said.
In percentage terms, Singapore's office values jumped a staggering 105 per cent in a year to reach $1,568.50 psf last month.
In Hong Kong, values rose only 16.7 per cent in the same period to hit US$1,958.60 psf. But Mumbai's growth beat Singapore's in percentage terms - up 123 per cent to US$1,166.20 psf.
Office values in Singapore have been driven up by an acute supply crunch as well as soaring demand from expanding businesses. But some experts have warned that rising office prices and rent could hurt the Republic's competiveness.
The surge in real estate values here has also been boosted by buzzing investor interest in Singapore, said Mr Crow.
In the first half of this year, US$3.7 billion worth of real estate changed hands here - a 40 per cent jump from a year earlier and the fourth highest figure in the Asia-Pacific region, behind Japan, Australia and China.
Mr Crow believes property investments here will double in the next six months to reach about US$8 billion for the whole year. 'We're still in the early stages. Next year, investment flows may strengthen even further.'
He said many new foreign players have arrived in Singapore's real estate market, adding that it has been transformed from an 'opportunistic' destination to a 'core market'.
Of the last 18 major office transactions in Singapore, 16 have involved foreign buyers, noted Mr Crow. About 11 of these were making their first acquisition in Singapore; for some, their first in Asia.
British-based property fund Develica, for one, bought its first Asian building last month, 1 Finlayson Green, for $231 million.

Tenants at No 1. Philip Street

TENANTS AT NO. 1 PHILIP STREETS:
1. Precise Asset Management
2. First Reit-Bowspirit Capital (
3. Molnycke Health Care 4. Body contour
5. Miller/Hunter )
6. AXS-One Pte Ltd
7. Datacard Asia Pacific
8. Mercuri URVAL (Asia)
9. IMAS 10. Interval International
11. Firstlink Investment
12. Manchester Business School
13. Metier Career Mgt
14. Vance Bioenergy
15. Confluence
16. The Bonham Clinic
17. Straits Medical
18. Alliance LLC
19. Great Majectic Management

Latest at 0950 am 13 July:
A potential buyer is meeting with the owner.

LATEST UPDATE : 1535 HOURS - 12 JULY

Latest update: 1535 hours

As expected, just got a call from the agent that since they have an offer at 95 million, they expect the next offer to be slightly higher.

NO 1. PHILIP STREET

No. 1 PHILIP STREET

This is a RARE Beauty and you can't get better than the address - One Philip Street located right in the very heart of the Bankiing and CBD centre. This is the center of universe !! This is a 999-year leasehold property with granite wall - absolute beauty. If we are successful, I guarantee you that it will be the PRIDE of Mr T. The building is superbly well maintained and if we miss this one, hard to find another close to this

1st Update (2:37 pm) 11 July

An update on this property -

1) Error - this is a 999 yrs leasehold and not freehold property.

2) Present rental of $10.80psf for existing tenants.

3) Offer of $93m Owner not enthusiastic.

4) Will sign Option immediately if purchaser gives a cheque of 1% to close deal at S$95m

2nd Update: 12:19pm 12 July

I checked the caveats lodged for the last transactions done in May & June.

a) 5/6/071 Finlayson Green Land area : 8334.57 sq ftPsf price : $27,701.51

b) 11/5/07120 Robinson RoadLand area: 7214.03 sq ftPsf price: $17,743.20

c) So for 1 Phillip StreetLand area: 4015 sq ft Psf price: $23,661.27

Front of Building - NO 1 PHILIP STREET

Glass Door entrance

Office lobby with 3 elevators ( 2 passenger, 1 cargo) View from across the street

Side View

Full view od the building

5th Floor of the building - very clean and well maintained

Current tenant includes medical clinics

Opposite No 1 Philip Street is Singapore 2nd largest bank

UOB Bank - 66 storey HQ

Behind is Singapopre 3rd largest Bank - OCBC bank

No. 1 Phillip Street.

Below are the details of the building:

1. Freehold property (the only freehold property left in this CBD area)

2. 16 storeys including a Penthouse and two entrance lobbies.

3. Strata subdivide into 14 units all presently tenanted

4. Size of site: 4,015 sq ft5.

Plot ratio: 12.66.

GFA: 52,907 sq ft.

NFA: 36,292 sq ft

A&A done: Around 5 years ago

Asking price: S$95,000,000

BEACH ROAD PROPERTY

INCOME BUILDING - BEACH ROAD

Income Building currently owned by NTUC through close tender or at the junction of Beach Road. Current owner is looking at between 20-25 million Singapore dollars (@1.53 = between 11 and 13 million USD)

1. This is a excellent location just opposite the up market Suntec Convention and Exhibition centre where we used to be.

2. More importantly, this is FREEHOLD property and it's a 6 storey building with an elevator.

3. This area is the next big thing in Singapore call the Golden Belt.

4. In fact it is located a stone throw away from a great grand Raffles Hotel where Mr & Mrs Tollman used to stay

5. Within the central Business district

6. Walking distance to the Marina Bay Integrated Resort by SANDS of Las Vegas

7. 10 minutes walk to Swisshotel Singapore, Conrad Internationa, Pan Pacific, marina Mandarin hotels

Current status : Waiting for owner to respond

Property Description

6 storey commercial building with a half basement level

Site Area : 366.5 sqm (Approx. 3,944.97 sqft)

Plot Ratio: 4.2

Strata Area: 1,748 sqm (Approx. 18,815.30 sqft)

Tenure: Leasehold 999 years less 10 days commencing from 24 January 1827

Tenancy : With Tenancy

Property Consultant: Chesterton International Property Consultants Pte Ltd