Singapore serviced apartment building up for sale

George Sell George Sell Uploaded 18 February 2021

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Singapore: The 12 on Shan serviced apartment building has been put on the market with a guide price of S$93 million (£50 million).

The 15-storey 78-unit serviced apartment development has a land area measuring 22,150 square feet and is zoned residential with a plot ratio of 2.8 in the URA Master Plan 2019. This works out to about S$1,367 per square foot on existing gross floor area.

Featuring a combination of studio, one- and two-bedroom apartments, some of which are dual-key units, it offers fully furnished apartments ranging from 350 to 930 square feet.

The property is located within a cluster of medical facilities, including Mount Elizabeth Novena Hospital, Tan Tock Seng Hospital, Novena Specialist Centre, Novena Medical Centre and Royal Square.

Chief executive of Showsuite Consultancy Karamjit Singh said the three-year old building is an ideal investment opportunity: "Singapore's effective handling of the Covid-19 pandemic is a resounding testament to its medical care standards. As a result, medical tourism is expected to remain a strong-performing industry, which bodes well for 12 On Shan, as it is geographically well-connected to Novena."

"From a pricing perspective, the guide price of S$93 million or S$1,367 per square foot on the gross floor area is well below replacement costs and not far from prices of freehold redevelopment parcels in that area, which tend to command between S$1,200 and S$1,300 per square foot before construction and ancillary costs," Singh added.

 

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