Aug 27

Principal Garden

The award winning restaurant Bacchanalia will move in to the ground floor of number 39 having closed in August at its former home in Coleman Street. Mr. Mancharam said that there are several fashionable eating and drinking establishments in Hongkong Street, including Vasco, 28 Hongkong Street and FOC, the popular Spanish restaurant. These food and beverage businesses will gain support from the opening of some boutique hotels on the street to join other hotels already there including the Fragrance Hotel and Hotel Clover.live streaming film Murder, She Baked: Just Desserts online

Principal Garden UOL

8M Real Estate owns other shophouses, five in Amoy Street and number 22 Gemmil Lane, where Luke’s Oyster bar and Chophouse will move to the ground floor in the next few months. 8M is looking for more restaurant tenants to occupy the 10,000 square foot ground floor at 112-116 Amoy Street, where it has Principal Garden office tenants on the other floors for Principal Garden.

There have been other transactions on shophouses. OCBC sold numbers 743 and 745 Havelock Road for 12.11 million Singapore dollars by tender dealt with by Knight Frank. 382 Geylang Road was sold by the bank for 5.1 million Singapore dollars.

Principal Garden

At a recent Colliers International auction for Principal Garden, three shophouses were offered, 362 Tanjong Katong Road, a two storey corner shophouse sold for 6.35 million Singapore dollars and 1 and 1b Figaro Street two strata commercial units were sold as one lot for 6.35 million dollars. The Tanjong Katong street units are ground floor units in two storey shophouses enjoying 9,999 year leaseholds. The three properties were sold by the Bamboo Group. They were marketed by Historical Land together with Colliers.

Prince Charles Crescent Condo UOL

Mary Sai, Executive Director at Knight Frank said that Shophouse sales were being affected by the gap between what Principal Garden buyers were prepared to pay and sellers thought that shophouses were worth. She explained that sellers were asking high prices believing that the fact that they are scarce and that they already generate rental income justified the price. However, they do not understand that UOL Principal Garden buyers are being affected by the Total Debt Servicing Ratio rules have hit buyers and the prices that they are asking mean only 2.5% – 3% yields gross, which only just covers buyers’ borrowing costs.

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