A church bought some 19,000 square feet of space on the fourth floor of Verger towers For $ 54.5 million.
The business Times reported on Friday January 31 on Friday, January 31, which, depending on the sale and purchase agreement for property, Cornerstone Heritage – whose shareholders are founders and main pastors of Cornerstone Community Church – I bought the properties about two weeks ago.
The Property was sold for s $ 2.825 per sq ft based on a total strata area of 19,289 sq ft. According to note by the church’s senior pastor yang tuck yoong, found on its website, the space was formally occupied by top 5 nightclub and a bar called Crazy Horse.
In the same note, Pastor Yang said: “For several years, our church has been looking for an additional space to meet the needs of our growing community. Our congregation in Cornerstone Bugis is developing and many participants with children would benefit from a location to the cornerstone in the center of Singapore.
“A permanent house in Orchard with low potential in block also means more sustainable operations for our“ bugis ”congregation and the possibility of opening more service slots for our many linguistic congregations during the weekend too. Offer a space for a potential future extension if our footprint was to grow in the city, “he added.
“Orchard Towers presents a rare opportunity in full property Prime Real Estate, which has been reserved for renewal. This augurs well, both for the continuous value of property as well as the availability of amenities surrounding the church which already has a Adequate selection of transport options, shopping centers, food and stores around it.
In the past, other Singapore churches have also invested in commercial properties.
Rock Productions, the New Creation Church business branch, bought The Star Vista for $ 296 million in 2019. And in 2012, City Harvest Church increased its participation in SUNTEC Singapore International Congress and Exhibition Center at 39.2%.
Read the rest to find out more about the Cornerstone Community Church plans for the New space at Orchard Towers.