Some commercial buildings finding it hard to sell en bloc

Golden Mile Complex closed its second tender last month without news of a buyer. It is among the growing number of commercial buildings here with closed collective sale tenders that remain unsold. Strata-titled Queensway Shopping Centre, a 45-year-ol
Strata-titled Queensway Shopping Centre, a 45-year-old freehold site known for its sporting goods, is a candidate for collective sale. A recent meeting to obtain consent for selling en bloc saw fierce opposition from shop owners, who collectively account for more than 20 per cent of the property's share value.ST PHOTO: KELVIN CHNG
Golden Mile Complex closed its second tender last month without news of a buyer. It is among the growing number of commercial buildings here with closed collective sale tenders that remain unsold. Strata-titled Queensway Shopping Centre, a 45-year-ol
Golden Mile Complex closed its second tender last month without news of a buyer. It is among the growing number of commercial buildings here with closed collective sale tenders that remain unsold. ST FILE PHOTO

Buyers deterred by high retail vacancy rates and prohibitive selling prices

Some commercial buildings are facing an uphill task trying to achieve collective sales, with buyers deterred by high retail vacancy rates and prohibitive selling prices.

One of the more recent candidates for such a sale is Queensway Shopping Centre, a 45-year-old freehold site known for its sporting goods, but it has been far from smooth sailing.

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A version of this article appeared in the print edition of The Straits Times on May 08, 2019, with the headline 'Some commercial buildings finding it hard to sell en bloc'. Print Edition | Subscribe