_ Row of freehold shops at Farrer Park area for sale via Expression of Interest (EOI)
Singapore, 28 October 2024 – International property consultancy Knight Frank Singapore and Singapore-based investment advisory and brokerage firm Sakal Real Estate Partners are pleased to announce that the entire freehold retail podium of R66 comprising four shop spaces have been put on the market for sale via Expression of Interest (EOI).
Located at 60, 62, 64 Rangoon Road and 136 Tessensohn Road, the shop spaces with residential units above them feature excellent double street frontage, prominent signage and brand visibility for tenants. Spanning a strata area of approximately 5,058 sf, the shops are available for sale individually, or on a portfolio basis. The properties are fully tenanted by a mini mart, well-known eatery Jia Bin Klang Bak Kut Teh and Suk’s Thai Kitchen.
Farrer Park MRT station is just within a minute’s walk, while several buses serve the immediate neighbourhood. Farrer Park Hospital and Medical Centre, along with well-established hotels located within the vicinity such as One Farrer Hotel, Holiday Inn Little India, Hilton Garden Inn and Lyf @ Farrer Park, underpin footfall and support the leisure and medical tourist catchment in bustling Little India, one of Singapore’s most famous cultural precincts.
Other key landmarks include retail malls Centrium Square and City Square Mall, and educational institutions Farrer Park Primary School and Invictus International School.
Ms Mary Sai (蔡竺樾), Executive Director, Capital Markets (Land & Building, International Real Estate), Knight Frank Singapore (执行董事,资本市场部, 莱坊), said, “This area is seeing gentrification with eateries, co-living spaces and the upcoming mixed development comprising Piccadilly Grand and its ground floor podium Piccadilly Galleria which will serve about 164,630 residents living within a 2km vicinity. The redevelopment of Farrer Park Fields, which will add about 1,800 BTO Flats under the Prime Location Housing scheme, will also potentially add to the footfall of shops in the long term and elevate the buzz in this area.”
Added Steven Ming (明国华), Managing Director of Sakal Real Estate Partners (执行董事，高明地产), “Investable retail podiums in developed estates are incredibly rare. This collection of freehold shops presents an exceptional opportunity to own a fully leased, income-generating asset located directly across from the MRT station. Additionally, the property is 100% approved for food and beverage use, making it an attractive and secure investment proposition for both investors and owner-operators.”
The collective guide price is S$19.5 million, or approximately S$3,855 psf on the strata area. Individually, the guide prices for these shop spaces range from S$3.78 million to S$6.8 million, or approximately S$3,738 to S$3,992 psf. The EOI exercise will close on Thursday, 28 November, 3pm.
Photo for use
Source: Knight Frank Singapore
For further information, please contact:
Mary Sai
Executive Director, Capital Markets (Land & Building, International Real Estate)
Knight Frank Singapore
mary.sai@sg.knightfrank.com | +65 9388 7879 | +65 6228 6886
Steven Ming
Managing Director
Sakal Real Estate Partners
steven@sakal.asia | +65 9004 0518
Lilian Hoe
Director, Marketing, Communications, Legal and Compliance
Knight Frank Singapore
lilian.hoe@sg.knightfrank.com | +65 6228 6807
Notes to Editors
About Knight Frank
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 27,000 people operating from more than 740 offices across over 50 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors, and corporate tenants.
For further information about the firm, please visit knightfrank.com. Knight Frank has a strong presence in Singapore with a head office and two subsidiaries: Knight Frank Property & Facilities Management and KF Property Network. For further information about the Company, please visit www.knightfrank.com.sg.
About Sakal Real Estate Partners
Incorporated in 2018, Sakal Real Estate Partners is differentiated and has forged ahead to be a best in class real estate investment advisory and brokerage firm in Singapore. The firm brings together the expertise of a forward-thinking team that is well positioned to provide holistic solutions on a wide range of real estate investment requirements.
With decades of institutional experience garnered across both the sell and buy side, our clients benefit from enjoying a perspective and execution ability that is unparallel in the current market. The same can be said of the breath of our segment coverage from development sites, commercial buildings, retail malls, significant strata portfolios to good class bungalows.