PoMo's 43,027 sq ft site area up for sale

The 99-year leasehold building with GFA of 234,996 sq ft is up for sale by expression of interest.

According to Jones Lang LaSalle, PoMo is located at 1 Selegie Road, Singapore and it is an opportunity for investors to acquire an asset which will provide them with exposure to both the retail and office real estate markets in Singapore. Both asset classes are highly sought-after due to positive market fundamentals which are delivering strong rental growth.

PoMo has a Net Lettable Area of 182,060sf. It is 10 storeys high and has 143 car parking lots.

PoMo is strategically placed to benefit from the repositioning of the area into an educational hub and the development of a number of high-end apartments. PoMo is within walking distance from prestigious educational institutions including Singapore Management University, Nanyang Academy of Fine Arts, Singapore School of the Arts and LaSalle College of the Arts as well as recently completed / soon-to-be developed high end residential schemes such as Nomu, Sophia Residences, and Suites @ Orchard.

Due to extensive asset enhancement works by the current owner, PoMo was awarded the BCA Green Mark Platinum Award in May 2010. The prospective purchaser can expect to benefit from future savings on building operational expenses and attract quality retail and commercial tenants.

Mr. Anthony Barr, National Director of Investments at Jones Lang LaSalle said, “This is a rare opportunity for investors to acquire a quality asset with a sizeable retail component. We expect strong interest from buyers in the sale of PoMo, given its ideal location, relevant consumer demographic, recent asset enhancement works and current tenant demand for quality retail and commercial space in that area.”

“The positive income potential for PoMo is supported by the strong tenant demand and expectation of increasing retail rents in that area. Existing office leases expire in 2013 and we expect that there will also be a positive reversion to market. The lease expiration of the office space also offers the prospective purchaser the option to increase the property’s retail area by utilising existing commercial space.” Mr. Barr added.

The subject property will be sold by an Expression of Interest campaign with initial submissions due on Friday, 28 January 2011 Enquiries should be directed to Mr. Anthony Barr.