Portfolio 22 Freehold Strata Shops And Offices Hexacube Sale 38 Mil
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Targeting a youthful and fashionable audience, Tampines 1 boasts a chic selection of clothing boutiques, salons for beauty needs, and specialty cafes. The mall has gained popularity among students and young working adults residing in Rivelle Tampines Tampines Street 65, who appreciate having trendy food options and lifestyle shops within easy reach.
The Singapore Grand Prix has proven to be a lucrative opportunity for property owners and agents, as they use the event to launch new projects. Among the latest offerings is a portfolio of 22 strata-titled units located at Hexacube, a mixed-use commercial complex in the Geylang District.
The freehold units include 21 retail shops spread across the basement, first, and second floors, as well as a single office unit on the fourth floor. Ranging from 388 sq ft to 904 sq ft, the total strata area of the units is 13,520 sq ft. Priced at $38 million, the average per-square-foot price over this strata area works out to be $2,811.
The exclusive marketing agents for this portfolio are Brilliance Capital and AlpsEdge Real Estate, with the units offered for sale through an expression of interest (EOI).
The portfolio offers a variety of commercial units and therefore buyers will not have to pay Additional Buyer’s Stamp Duty (ABSD). Only one of the units is currently vacant, with the rest being tenanted. This portfolio makes up 35% of the total share value and 28% of the strata area in Hexacube.
According to Sammi Lim, founder and executive director of Brilliance Capital, this offers buyers a significant stake in the development and the opportunity to influence its long-term direction and positioning.
Hexacube, with its sleek and futuristic façade, was jointly developed by Lian Beng Group, KSH Holdings, and Tee International. The developers acquired the former AIA Building for $68 million in 2013 and transformed it into the freehold project it is today.
One of the basement-level tenants is cooking studio Lydia’s Oven, which occupies two units. Another attraction for tenants is the high ceiling height, which exceeds 4m on the basement level and 5m on the upper levels. Tenants of the portfolio include beauty and wellness salons, hair studios, nail spas, and F&B outlets. Other tenants include fitness centre Fit Kaki, Korean-style facial treatment studio Aquarius Aesthetic, Aura Beauty Studio, and Little Italy Salumeria restaurant. The fourth-floor office unit has been tenanted by Exodus Physiotherapy since December 2023.
Located in the vicinity of Hexacube are the houses and low-rise condos of Everitt Road, Langsat Road, and the Joo Chiat area. Just across the road is the recently completed Parc Esta, with a total of 1,399 residential units. Carin Puah, founder and executive director of AlpsEdge Real Estate, notes that the presence of Parc Esta, along with the nearby landed houses, has contributed to an affluent and sizeable resident base in the area.
Lim also notes a growing trend among high-net-worth investors, family offices, private equity groups, and individual investors to collaborate and collectively purchase properties through crowdfunding. These buyers prefer freehold, income-generating assets, further increasing the attractiveness of the Hexacube portfolio.
The EOI for this portfolio will close on Nov 12 at 3pm.