Dairy Farm Singapore offloading some 7-Elevens
Dairy Farm Singapore has put some of its 7-Eleven stores up for sale through JLL.
The portfolio comprises 13 Housing & Development Board (HDB) shophouses and a 999-year leasehold retail shop, with properties in Ang Mo Kio, Bedok Reservoir, Changi Village, City Hall, Clementi, Hougang, Jurong East, Jurong West (pictured), Tampines, Toa Payoh and Yishun.
Each HDB retail unit has a prominent frontage and high shopper footfall in a prime and strategic location in mature residential hubs, says JLL. Most of the units are near road junctions, coffee shops, post offices and supermarkets.
The ground-floor 999-year leasehold strata retail unit is at Peninsula Plaza and has a main-road frontage.
The portfolio is being offered for sale under three separate clusters:
Cluster 1 offers assets with a long-term sale-and-leaseback arrangement with 7-Eleven in place, namely Cold Storage Singapore (1983), a subsidiary of Dairy Farm International Holdings.
Cluster 2 features assets offering vacant possession, giving investors the flexibility to lease the units to other tenants.
Cluster 3 is an individual asset at Bedok Reservoir Road, offered with an existing tenancy.
Dairy Farm has about 400 7-Eleven stores across Singapore.
“This is the first time a series of 7-Eleven convenience stores in mature residential hubs has been put on the market,” says JLL associate director for capital markets Clemence Lee. “Such rarely available properties are highly sought-after by investors.”
The portfolio is being offered via an open tender process that closes on June 5.