‘Stand-alone’ commercial property along Serangoon Road up for sale

Rare freehold ‘stand-alone’ commercial property approved for childcare use along Serangoon Road up for sale

JLL, as the exclusive marketing agent for the ‘stand-alone’ commercial property, is inviting offers through an Expression of Interest (EOI) exercise for the purchase of 1 Jalan Taman, St Michael’s Place – Commercial Block – located near to Boon Keng MRT station.

This ‘stand-alone’ commercial property is well-positioned to capture the growth and strength of the premium international preschool sector. It has a total combined gross floor area (GFA) of c.12,800 sqft over 4 storeys. Each floor has common areas including a lift lobby, corridor and restrooms which the preschool tenant uses exclusively. The property enjoys an excellent frontage to Serangoon Road and has a spacious dedicated driveway and front porch to facilitate safe pick-up and drop-off. The property is currently leased to one of the top international preschools – Maplebear.

Situated in the St Michael’s estate, the property is a short 10 min walk from either Potong Pasir, Geylang Bahru or Boon Keng MRT stations. There is also a bus stop directly outside of the Property, serving multiple routes. The property is also easily reached from other parts of Singapore via the Pan Island Expressway (PIE) and Central Expressway (CTE), and conveniently accessed either by St Michael’s Road or Jalan Taman along the main Serangoon Road.  It also has ample basement carpark spaces that it shares with the residential block.

These excellent attributes at the ‘stand-alone’ commercial property are critical to a preschool business, as it minimises potential vehicular and/or pedestrian congestions and mitigates disturbance to its neighbours.

The Potong Pasir and Bidadari vicinity is receiving a lot of attention from developers, residents and investors alike. The Potong Pasir area has undergone rejuvenation with the development of The Venue Residences and Shoppes, and The Poiz Residences and Center which sits on top of the Potong Pasir MRT Station.

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Located a stone’s throw away, Bidadari is a newly created housing estate comprising of both public and private housing. Launched in 2013, Bidadari Estate will feature an underground air-conditioned bus interchange, a 6,000 sqm community club and a 2,200 sqm neighbourhood police centre. The first private residential development, Woodleigh Residences is expected to TOP by 2024 and the residential units are said to be priced between S$1,800-2,000 psf for the 99-year leasehold.

Since November 2015, HDB has launched some 6,100 flats in seven new-generation public housing projects such as Alkaff Lakeview, Alkaff Oasis, Woodleigh Glen and Woodleigh Village. These flats have seen very strong response, averaging about five applicants to one flat.

Noeleen Goh, Senior Director – Alternatives (Asia Capital Markets) at JLL, commented: “Investors have always liked the growth and stability of education businesses. This ‘stand-alone’ city-fringe freehold commercial property with approved childcare use, offers a good investment opportunity to astute investors who understand the property’s unique site attributes for top international preschools. The current tenant is on a 4+4+4 year lease term, with upward rental growth at each renewal. Its close proximity to these growing residential enclaves also translates to robust pre-school trade fundamentals, thereby enhancing capital appreciation. ”

As this ‘stand-alone’ commercial property is zoned commercial use, foreigners are eligible to purchase the building. There is also no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.

JLL is inviting parties to submit a formal offer for ‘stand-alone’ commercial property at 1 Jalan Taman, St Michael’s Place – Commercial Block. The Expression of Interest exercise closes on Thursday, 23rd May 2019 at 5.00 p.m.

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Mr Paul Ho, chief mortgage officer at iCompareLoan, said that despite the property curbs introduced by the Government last year, Singapore is still an attractive commercial market for foreign investors.

Although the market exuberance has been curbed to some extent with the property cooling measures introduced last year, Singapore as a property market investment destination still remains among the top – shoulder to shoulder – with other cities in the world like London, New York, Shanghai and Sydney.

“We have to be mindful that there is a lot of excess capital fluidity here and at 1.9 – 2 percent, Singapore has one of the lowest interest rates for home loans in the region,” he added.

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