Tiong Bahru building sold for $10.2m
A SIX-STOREY freehold service apartment block in Tiong Bahru was snapped up on Wednesday at an auction for $10.2 million.
The property at 3 Seng Poh Road was bought by a small investor who was represented by a lawyer, according to Colliers International, which conducted the auction. The property was put up for sale by mortgagee United Overseas Bank. The mortgagor was Kim Koon Garment Industries, according to an earlier report.
The property has a land area of 9,143 sq ft and a gross floor area of 27,451 sq ft. The building has an eating house on the first storey, a car park on the second and third storeys, and 61 service apartments occupying the upper levels. Colliers had earlier said that buyers may continue operating the building as a service apartment or apply to convert it into a boarding house or budget hotel. Bidding for the building began at $9 million and the property attracted 12 bids in all before it was sold.
Colliers also sold two strata office units at the auction. One was an 18th floor unit at High Street Centre, which changed hands at $325,000 or $593 psf. The other was a 19th floor unit at International Plaza which fetched $470,000 or $502 psf.
Source : Business Times - 10 Feb 2006
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