URA’s shophouse auction sees strong bidding
IN a further sign of the recovering property market, the Urban Redevelopment Authority’s (URA) successful public auction of 11 parcels of unrestored conservation shophouses yesterday not only drew strong bidding, but the prices fetched were also higher than those in the last auction in May 2005.
The highest price per square metre (psm) then was $4,735.06. Yesterday, the top price was $6,438.74 psm. That winning bid came from Kim Eng Holdings’ managing director Ooi Thean Yat Ronald Anthony, who paid $1.86 million for a shophouse with an area of 288.1 square metres. The shophouses on offer for both auctions are in the same area - the Kampong Glam conservation area, around North Bridge Road. All are zoned for commercial use and are between 94.7 and 288.1 sq m. Buyers will have to restore the shophouses, which are sold on a 99-year leasehold tenure.
At yesterday’s auction, slightly over a hundred bidders turned up at the URA Centre for the four-hour event. Observers said that competition for each parcel was intense. Corner parcels also seemed more popular.
A bidder who bought three of the shophouses was Shriniwas Rai, believed to be the veteran lawyer and former nominated member of parliament. He could not be contacted for comment last night. Mr Rai paid a total of $1.36 million for the three shophouses, paying between $3,126.17 and $4,554.87 psm for them.
Source : Business Times - 9 Mar 2006
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