More than a dozen cloud-kitchen units at Lavender's CT Hub 2 change hands

TEN commercial units used as cloud kitchens at CT Hub 2 have been sold for more than S$8.6 million or S$2,450 per square foot (sq ft) this month, Huttons said on Thursday. It did not identify the buyer.

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The Business Times first reported in May that design and construction firm Chiu Teng Group is understood to be selling its portfolio of 29 ground-floor cloud kitchen units in CT Hub 2 via expression of interest.

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These 10 F&B-approved commercial-titled units have a total unit area of 3,516 sq ft. They are fitted to operate as cloud kitchens, and are fully tenanted to established F&B operators such as Da Paolo, Blu Kouzina, Crown Coffee, Duke of Congee, My Fav Bowl, Petite Pantry and several other tenants.

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CT Hub 1 and 2 are commercial and industrial mixed developments centrally located in the Kallang Way Industrial Estate and Business Park district. They each house a combination of office, retail, light-industrial and F&B units and are a two-minute walk from Bendemeer MRT station, which is on the Downtown Line.

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Cloud kitchens are deemed as more "Covid-resilient" due to their business model focusing on takeaways and deliveries, said Jonathan Lo, associate senior marketing director from Huttons, in a statement. The units sold were all tenanted with an average gross rental yield of above 5 per cent.

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Unlike private residential properties, industrial and commercial properties do not attract Additional Buyer's Stamp Duty and Seller's Stamp Duty.

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The Huttons team has sold another two other cloud kitchen units in CT Hub 2 to separate investors. They have also sold four B1 industrial units in CT Hub to another bulk purchaser. The four B1 industrial units have a total floor area of 7,471 sq ft and were sold for S$5.75 million, or S$770 per sq ft.

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Another four units at CT Hub 2 remain available for sale from Huttons, with the smallest available unit asking for at least S$644,000.

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