Ravi Chandran
CBRE announced on Nov 11 that it is launching for sale via public tender two freehold ground-floor shop units at Alexis, a six-storey mixed-use development comprising 21 commercial units and 293 apartments located at 356 Alexandra Road.
To be sold on vacant possession basis, the two freehold ground-floor shop units have a total gross floor area of 3,068 square feet. They enjoy prominent dual main road visibility along Alexandra Road and Commonwealth Avenue. There is a public basement car park at Alexis which gives added convenience to shop patrons.
The indicative price for two freehold ground-floor shop units is S$10 million, which works out to approximately S$3,259 per square foot based on the strata area.
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There will be no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty imposed and the offer is open to locals, foreigners and companies.
Mr Michael Tay, Senior Executive Director, Capital Markets at CBRE said, “The subject property’s attributes, such as its freehold tenure, ground-floor location and the ‘F&B’ use potential, make it an enticing offer to both investors and end-users. The successful buyer can explore many possible uses – such as food court, restaurant, café, fast-food chain, healthcare and education institutions – for the space, subject to approval from relevant authorities.”
“The indicative per square foot price of S$3,259 is also attractive, when compared to the last ground-floor unit transaction at Alexis that changed hands at S$4,452 per square foot four years ago. What’s more, the subject property is poised to benefit further from the scheduled completion of several nearby condominiums in the next three years and the planned 5,000 new public homes in Queenstown by 2027,” added Mr Tay.
Alexis is a condominium located 356 Alexandra Road in District 03 (Queenstown, Tiong Bahru) of Singapore. The development of Alexis was completed in 2012. EC Prime Pte Ltd was the real estate company that developed Alexis. The condominium was designed for urban lifestyle and has 293 residential units to accommodate home seekers. Alexis is a short distance from local MRT stations, and residents have access to feeder buses and expressways for easy transportation. Amenities like food centres, banks, convenience stores and healthcare facilities are also in the neighbourhood of Alexis.
Alexis was well designed by the developers to provide entertainment, fun, and leisure to residents. The condominium offers a one-of-a-kind 75-metre sky pool surrounded by a sky barbeque area, large sun deck and open sky spa pods (jacuzzi) that are good for relaxing in the evenings. Others facilities for recreation are a hydro jet pool, children’s pool, and steam room. A gymnasium for fitness is also available to residents of Alexis. All the facilities in Alexis are on the rooftop facing the city skyline and the pool. Alexis is accessible through a single lobby well-guarded by a security officer to keep residents safe within the condominium. Car owners have a basement car parking facility for their vehicles in Alexis.
Educational institutes are also very close to Alexis. Some of the available choices are
- New Town Primary School
- Queenstown Primary School
- Gan Eng Seng Primary School
- Queenstown Secondary School,
A few numbers of international schools such as
- Global Indian International School Singapore (GIIS)
- Queenstown Campus,
- ISS International School,
- Crescent Girls’ School
- Manasseh Meyer School
- Sri Manasseh Meyer International School
The two freehold ground-floor shop units at Alexis are conveniently located within 550 meters from Queenstown MRT Station via a sheltered walkway. Other shops at Alexis include enrichment centers, medical clinics, as well as various mom-and-pop shops. Located within the mature Queenstown-Stirling neighborhood, Alexis is well connected to other parts of Singapore via major arterial roads, as well as Ayer Rajah Expressway and the Pan Island Expressway. Nearby landmarks include IKEA Alexandra, Anchorpoint Shopping Centre and Park Hotel Alexandra.
The public tender for the two freehold ground-floor shop units closes on 10 December 2019 at 3pm.
Mr Paul Ho, chief mortgage officer at iCompareLoan said, “properties such as the two freehold ground-floor shop units at Alexis are perceived as attractive investments because they can hold their values because of their location and the freehold nature of the properties. Shops and shophouses are also valued because they give prominent presence to a business entity for them to be visible in a highly competitive environment.”
“There are 5,000 new hopes coming to Queenstown in the next 7 – 8 years. Any investment in properties such as the two freehold ground-floor shop units will reap their dividends in due time,” Mr Ho added.
The biggest gainers following the 2018 property cooling measures is likely be owners of strata portfolio of offices and shophouses approved for commercial use said one research. 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.
One report said 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 and encumbrances.
Properties such as the two freehold ground-floor shop units at Alexis may be bought under personal name, but total debt servicing Total Debt Servicing Ratio (TDSR) will apply on the individual’s income on such purchases. To buy a commercial or industrial property under company name, total debt servicing ratio TDSR also applies on the individual director’s income if the company is an investment holding company or an operating company that is loss-making or does not have sufficient cash flow to servicing the repayment.
