Chijmes being put up for sale

Posted by luxuryasiahome ⋅ September 5, 2011 ⋅  

The Chijmes along Victoria Street is being put up for sale by owner Suntec Reit. It has appointed Colliers International to market the property through an expression-of-interest exercise.

However, Suntec Reit is expected to sell the asset only if it gets a good price.

Chijmes was last valued for $134 million at the end of last year. It has 79,794 square feet of net lettable area, and generated revenue of $2.6 million and net property income of $1.8 million for the second quarter ended June 30, 2011.

The development includes several conservation buildings and two gazetted national monuments – Chijmes Hall (the former CHIJ Chapel) and Caldwell House.

Suntec Reit acquired Chijmes for $128 million in late 2005 from a partnership involving Low Keng Huat, Jetaime Investments and Lei Garden.

‘Right now, Chijmes may be a bit dated and a new owner may be more willing to pump in resources to spruce it up a little, rejuvenate it. The new owner could change the tenant mix and increase rentals,’ said the industry observer.

Chijmes is on a site with a remaining lease of about 79 years. It has 97 car park lots and is located opposite Raffles City and the City Hall MRT Station.

Tenants include Lei Garden Restaurant and Harry’s Bar.

Chijmes won the Merit Award in the Unesco Asia-Pacific Heritage Awards for Cultural Heritage Conservation in 2002.