Xpress in bulk sale of 28 Soho units

Hong Kong-listed property developer Xpress Group is selling 28 so-called Soho (small office, home office) commercial units in North Bridge Road.

The strata units, being offered as a bulk sale, are at Southbank, a mixed-use development.

Property consultancy and marketing agent Savills on Tuesday set a guide price of $56 million and said the sale would be done by way of an expression of interest.

This works out to an average guide price of $1,950 per sq ft.

The bulk sale will also include existing tenancies for some units, said Savills.

The properties for sale comprise 24 duplex lofts, three single-level units and one ground-floor retail unit, all within a 20-storey commercial block with 60 units. The units are between 463 sq ft and 1,593 sq ft, while the retail unit is 129 sq ft.

Developed by UOL Group, Southbank is a home-cum-office concept condo at 883 North Bridge Road. Nearby landmarks include the upcoming Singapore Sports Hub in Kallang and Bugis Junction Shopping Centre.

Savills deputy managing director Steven Ming said the sale should benefit from the strong interest in strata-titled commercial property, as capital is diverted from the residential and industrial segments after the cooling measures announced early this year.

"The strata commercial market is performing well and can be expected to continue (doing well) on the back of demand from end users and investors alike," said Mr Ming. He noted that capital values of properties in the area could be given a boost by another potential mixed-use development on the white site next to Southbank.

The deadline for expressions of interest is 4pm, May 28.

ocheryl@sph.com.sg

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