DBS places 46 HDB retail units & shops on sale for S$210mil

DBS put on sale a 46 HDB and strata retail shop units, along with private strata retail shops. The guide price for all of these units is about S$210M.
The space in the unit is approximately 69.500 sq feet. The 46 units can be bought individually. The sale of the 46 units began just a few short weeks ago.

In addition to those in Housing and Development Board housing estates, properties can be found in Bishan and Hougang as well as Tanjong Pagar and Jurong West. Clementi and Marine Parade Central are also included. The 10 retail strata units located privately are located at Thomson Plaza (formerly John Hancock Tower), Gleneagles Medical Centre on Orchard Road in The Centrepoint and Thomson Plaza.

DBS said it was selling 46 units at 29 locations as they were non-strategic and that property management wasn’t the bank’s core business.

POSB was acquired by DBS in 1998. As a result, many of these branches are located in close proximity. These units form a portion of our broader asset portfolio.

16 of the locations are being used in part for the 24/7 self service branches (without a counter) and ATMs. The bank’s use of space in 16 locations is just over 10%.

A spokesperson told us that these operations will not be affected, since we will lease all of the space we currently occupy. Therefore, there will be no change in the footprint of their branches or ATMs and they will continue serving their customers.

The locations of the banks 24/7 self-service outlets include 1 Tanjong Pagar Plaza.

19 Nassim Pricing is attractive for a project in city center and ready to move in,

The remaining 90% or so of DBS’s space for sale has either been leased or left vacant.

There is a rumour in the market that HDB properties from the portfolio of 46 HDB units have a balance tenure ranging between about 44 (for a unit in Block 10 Toa Payoh Lorong 1). to 68 Years (for two units in Block 501 Jurong West Street 51).

Gleneagles Medical Centre (freehold) and 6 Raffles Quay (6 Raffles Quay) are both freehold structures. Thomson Plaza is situated on a plot with about 51 years of balance leasehold tenure. The Centrepoint strata units have a leasehold balance of about 54 years.

DBS has reportedly hired CBRE to market the apartments, as well as JLL and Knight Frank.

The 5,145 sq. ft. unit at 6 Raffles Quay has the highest guide prices, which is slightly above S$19.4million. The two units on the 2nd level of Gleneagles Medical Centre at Napier Road are nearing S$10m (for 700 sqft) or S$8.5m for 592sqft.

HDB’s highest guide price in the segment is S$10.4million, which is for a 3,554 sq ft apartment at Block 210-New Upper Changi Road. This property has a 54 year balance tenure and is a stones’ throw from Bedok station.

The price of a shophouse in Block 107 of Toapayoh Lorong 1. With an estimated tenure of approximately 44 years, it has a guide of slightly more than S$2.2million. Thomson Plaza’s private strata retail segment has several units measuring 366 sq. ft. each with guide prices nearing S$2 million.

DBS had roughly 170 bank branches following the acquisition of POSB, in 1998. Since then, the number of DBS branches has declined to about 70.

There are 70 branches. They include full service branches (with a counter), financial planning offices and self-service outlets that operate 24/7.

A network of approximately 1,900 self-service bank machines (including ATMs), and POSB-Cash-Points is available at various outlets, such as Giant Cold Storage & 7-Eleven. This compares with only 950 machine in 1998.

In the last quarter-century, the branch networks have been streamlined, due to the duplication of branches and the declining footfall in the branches. Many customers now prefer to do their banking online or out of branch operating hours.

DBS has increased our physical touchpoints including cash-points and self-service banks at certain merchants. Customers can now carry out five of the most popular transactions in-branch (including replacement of passbooks, cash deposits and debit/ATM-card issuance) even outside normal branch opening hours.

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