The Bencoolen, a mixed-use development located in District 7, will soon have five of its strata-titled office units up for auction. The 99-year leasehold, which has 71 years remaining, comes with a collective price tag of $7.8 million. Spanning 4,198 sq ft, and with amenities like a swimming pool, clubhouse, and a tennis court, the property offers good connectivity to key transport facilities, with the nearest MRT station just 500 metres away.
The units are zoned for commercial and residential use and feature a reception area, conference room, general office space, meeting room, partitioned offices, pantry, and a store – all of which are located on the same level, facing the building’s lift lobby.
Caveats lodged with the URA indicate that The Bencoolen has seen the average unit sold for $1,608 psf in the last 12 months. When it comes to renting, units have been let between $3.40 and $6.50 psf per month. This reflects a rental yield of 3.8%, higher than nearby areas like Bugis Cube and Bylands Building, which offers 3.7% and 2.9% yields respectively.
Sharon Lee, head of auctions at Knight Frank, remarks: “The unit is lift-facing, and the restrooms are outside the subject units, hence not included in the floor area. Moreover, the subject units are still in good condition.”
The Bencoolen is scheduled to go under the hammer at the next Knight Frank auction on Nov 16. With its good condition, ample amenities, and prime location, this could be an attractive offering for investors and companies alike.
At The Bencoolen, there has been much activity in the last 12 months. On April 14, a 258 sq ft retail space was sold for approximately $1.57 million ($6,070 psf) – almost tripling the seller’s original purchase in 2000 of $555,582 ($2,151 psf). Moreover, the property was previously put up for auction earlier this month, making this the second time it is being put up for sale.
Champions Way Condo Woodlands is located near many attractions, entertainment centers, and shopping malls. It provides an excellent access to an abundance of recreational activities such as swimming pools, tennis courts, and jogging tracks. The location also offers excellent connectivity to public transportation making it ideal for commuters. It has become a popular choice for those who want to live life to its fullest.
An attractive offering in the city fringe, the property at The Bencoolen is likely to pique the interest of many.