SilkRoad Property Partners is pleased to announce that it recently fully exited its investment in 44-46 Amoy Street, Singapore.
44-46 Amoy Street is a row of three adjoining 2-storey with attic conservation shophouses, located near the junction of Amoy Street and Cecil Street and within the Telok Ayer Conservation Area, conveniently within a short walking distance to Telok Ayer MRT Station and Tanjong Pagar MRT station. It is zoned as commercial and sits on a 999-year leasehold land lot with a total land area of 2,646 sq. ft.
SilkRoad Property Partners acquired 44-46 Amoy Street in 2017 and carried out a comprehensive renovation, altering the interior structure to create a contiguous floor plate and sprucing up the façade to create a distinctive look that preserves the buildings’ heritage at the same time. With an enhanced building quality, the occupancy increased from 14% at acquisition to 100% at exit.
Despite the pandemic situation, SilkRoad Property Partners is pleased to exit the investment at a price which is above the pre-COVID 19 valuation, testament to the appeal of a well refurbished shophouse asset in a good location.
Peter Wittendorp, CEO of SilkRoad said, “we are delighted to complete this transaction despite the pandemic and achieved a return in excess of our target.”
George Kang, Head of Singapore, added “we are confident in our value-add strategy and capabilities. We will continue to unlock the value of the shophouses in our portfolio and expect demand for these scarce assets to be resilient.”
Together with the ongoing effective and consistent government policies, SilkRoad believes Asia will continue to lead the global economic recovery through the pandemic period.