183 LongHaus is a Freehold
mixed development developed by Tee Land Limited. It occupies the popular former Long House Food Centre site. The site of 16,960 square feet in size will be built into a four-storey mixed-use building with the ground level dedicated to 10 commercial units each of about 1,600 square feet; while 40 residential units of 2/3/4-bedroom and Penthouse configuration will sit atop the commercial lots.
183 LongHaus is in close proximity to not one but two MRT stations which makes this new launch very strategically located. Be it for home-stay, rental or investment in the commercial units, its value is undeniable to a discerning buyer.
Long House Food Centre, the former building sitting on the said plot of land, was sold on 7 Jan 2014 by owner Mr Ng Choon Gim, 62, of Sin Hin Lee Investment for $45.2 million to Tee Ventures Pte Ltd which is a subsidiary of Tee Land Limited. The plot was bought in 1980 and the food centre relocated to the Upper Thomson site from Jalan Besar some twelve years back. Long regarded as an icon in Upper Thomson area, residents and food aficionados will miss the various cuisines offered there previously.
At a purchase price of $45.2 million, the cost works out to approximately $888 per square foot per plot ratio (psf ppr).
Residential rental of nearby project, Thomson V Two for year 2015 ranges from $4.73 to $5.82 psf. Another closeby project, Thomson V One manages to secure an average rental of $6.12 psf. Thomson V Two residential resale prices fetches a median of $1,526 psf in year 2015 for unit sizes ranging from 452 sqft to 581 sqft.
Three 11 new developer sales transacted at a range of $1,368 psf to $1,638 psf in the last one and a half years.
As for commercial units, Thomson V Two's rental ranges from $3,200 to $4,100 psf for the last 6 months; while Thomson Plaza's rental is from $4,640 to $4,800 psf when it only has sixty-two years of leasehold life left.
Industry experts predicts 183 LongHaus residential units to sell at $1,5xx psf. In comparison, a new condo launch
project, Adana (Freehold) is going for $1,5xx to $1,6xx psf while another new property launch, Thomson Impressions (99-year leasehold) is selling at $1,3xx to $1,4xx psf.