Jelita Shopping Centre, at 293 Holland Road, is being offered on the market via an expressions of interest (EOI) with a target value of $85million. As per a news release from JLL the marketing agency the cost for the suburban two-storey mall is approximately $2,528 psf in an area of net lease.
Pinetree Hill Singapore price is a once-in-a-lifetime opportunity for investors and homeowners to acquire a property in Ulu Pandan area.
The mall, which first opened its doors in January of 1981, is situated on a 46,616 sq feet site which is zoned as Commercial and Residential with the gross plot ratio being 2.2 in accordance with The 2019 Master Plan. The mall is comprised of a gross floor space of 46,427 square feet. It also has an area net lettable of 33,621 sq ft and 57 underground carpark lots.
The 999-year leasehold is situated in a prime residential neighborhood that is landed off Holland Road. The principal tenant is a 24 hour Cold Storage supermarket, which covers the entire ground floor that covers a space of around 20,000 sq ft. The tenants on the second floor comprise a Starbucks, Delifrance, Guardian and Times Bookstore. There are plans to revamp the existing store in the mall to be an CS Fresh outlet.
The property is managed by DFI Retail Group, which also manages the property. JLL states that the owners would like to sell the asset in conjunction with the leaseback agreement that is long-term. The seller provides two options for sale and leaseback. DFI to lease back the ground floor area in accordance with the current arrangement and DFI for leaseback of the whole building.
This offers a fantastic chance to purchase a retail business with security income that is a reasonable amount that anchor tenants with blue-chip status back the investment, according to Terry Wong, senior director of capital markets at JLL Singapore. He says “Prime urban retail properties that have prominent road frontages are not often available for sale and are generally kept in a tight-knit group as they have produced resilient cash flows throughout the swine flu pandemic”. The EOI expires on the 18th of July.