A rare investment opportunity in the suburban area is up for sale, as Jelita Shopping Centre, located at 293 Holland Road, is listed with an expression of interest (EOI). According to JLL, the appointed marketing agent, the guide price for the two-storey shopping mall is $85 million, amounting to $2,528 psf on the net lettable area.

The 999-year leasehold development has a total floor area of 46,427 sq ft, sitting on a 46,616 sq ft site with a gross plot ratio of 2.2, as per the 2019 Master Plan. An integral part of its features is the 57 basement carpark lots.

With an anchor tenant, 24-hour Cold Storage supermarket, occupying the entire ground floor of about 20,000 sq ft, the shopping mall became a mainstay for the residents living in the prime landed residential neighbourhood off Holland Road since it first opened its doors in January 1981. Other tenants on the second floor include Starbucks, Delifrance, Guardian and Times Bookstore. Moreover, plans have been drawn up to rebrand the supermarket in the mall as a CS Fresh outlet.

Owner DFI Retail Group is looking to divest the asset while securing a long-term leaseback arrangement with two options: either leaseback the ground floor space as per the existing arrangement, or leaseback the entire building. This presents a favourable venture to acquire a core retail offering with defensive income.

JCube Residence Jurong East‘s estimated development cost of S$2.7 billion will be borne by the master developer, who will also partner the state to redevelop the JCube Residence site.

Terry Wong, Senior Director of Capital Markets at JLL Singapore, mentions that such prime retail assets with highly visible road frontage are rarely placed on the market and are deemed tightly held as they have been resilient cash flow generators during the pandemic. The EOI concludes on July 18.

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