Ravi Chandran
Freehold ground-floor units with prominent frontage at Siglap Shopping Centre for sale
CBRE, as the exclusive marketing agent, is pleased to offer for sale via Expression of Interest (EOI), two adjoining freehold ground-floor shop units in Siglap Shopping Centre.
With a prominent main road frontage along the bustling East Coast Road, the adjoining ground-floor units enjoy high visibility and benefit from the convenience of a car parking facility located right at their doorstep. The property is currently tenanted to a childcare centre.
Mr Michael Tay, Senior Executive Director, Capital Markets at CBRE said, “The indicative price is S$8.8 million, which works out to approximately S$2,878 per sq ft based on the combined strata area of 3,057 sq ft. As there will be no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty, both foreigners and companies are eligible to purchase the property.”
Mr Tay added, “This is a rare opportunity for both investors and end-users to own freehold ground-floor units in the bustling Siglap estate, and at an attractive price. Units on the ground floor are usually tightly held and are seldom made available for sale due to their high visibility and the heavy human traffic flow.”
Keen interest is expected from investors looking to purchase prime freehold units with immediate and stable rental income, as well as owner occupiers seeking space for own use. Subject to approval from relevant authorities, potential alternative uses – including cafes, healthcare/educational institutions, showrooms, retail shops, fitness centres, home & living, and lifestyle businesses – can be explored.
Nestled within the heart of the bustling residential neighbourhood of Siglap, Siglap Shopping Centre is a three-storey mixed-use development that has approximately 60-metre road frontage along East Coast Road.
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The development is also located within 10 minutes’ walk to the future Siglap MRT Station slated for completion by 2023. Surrounded by a delightful mix of quaint commercial shophouses, affluent landed housing and condominium estates, the locality is home to a wealth of retail, F&B and entertainment offerings which are popular with both the local and expatriate communities.
The EOI for the freehold ground-floor units at Siglap Shopping Centre closes on 30 October 2019, Wednesday at 3pm.
The biggest gainers following the new property cooling measures is likely be owners of strata portfolio of offices and shophouses approved for commercial use. The property cooling measures affected almost all categories of buyers and is predicted to achieve its intended objectives of cooling demand and moderating price growth.
Investors looking for alternatives to park their money in the wake of property cooling measures, would divert their attention to the strata office and shophouse markets as they are not subjected to this round of purchase or sales restrictions/encumbrances.
Retail property landlords may be relenting on rents in favour of higher occupancy, says a recent research report. it added that that there are signs that retail property landlords may be relenting on rents in favour of higher occupancy – given that the island-wide vacancy rate dropped to 7.7% at the end of the second quarter from 8.7% last quarter.
Mr Paul Ho, chief mortgage officer at iCompareLoan, commenting on the freehold ground-floor units with prominent frontage at Siglap Shopping Centre for sale said, “although the retail property market is still trying to find its footing, the units offered for sale at Siglap Shopping Centre looks attractive for two reasons. One is, the location. The shopping centre is in an affluent area and it will soon be served by the Siglap MRT station. There are also several buses and so people will find it easy to reach the shopping mall.”
He added: “Another reason is that foreigners are eligible to purchase the retail units. One recent research report said that properties in Singapore are very attractive to foreigners, especially investors from China. With the turmoil in Hong Kong, some investors may want to park their money in safer markets like Singapore.”
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