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Freehold retail space for Sale by Expression of Interest

04 March 2015

Knight Frank Singapore is pleased to announce the launch of 2 freehold retail opportunities located near Paya Lebar and Aljunied MRT stations, for sale by Expression of Interest.

Both properties are located at the city fringe and within areas that are undergoing transformation into a major commercial hub.

i) Basement retail space within Grandlink Square
Grandlink Square, is an 8-storey commercial-and-residential development, located diagonally across from the commercial site in Paya Lebar Central, which has been put up for sale through the Government Land Sale (GLS) programme. The GLS site is expected to draw strong interest from developers. Once completed it will be the focus point for the rejuvenated Paya Lebar Town Centre, a regional centre that is turning into a destination commercial hub.

The Subject Property that is available for sale consists of the entire basement unit with a floor area of 26,533 sq ft. It is currently tenanted to several operators namely a wellness centre, family karaoke and a pool hall and a gaming arcade.

“Beside the recent completion of Paya Lebar Square and One KM Mall/ Katong Regency, the upcoming commercial site in Paya Lebar Central and residential developments such as Sims Urban Oasis further illustrate what was envisioned by the authorities, as the successful rejuvenation of Paya Lebar Town Centre is surely becoming a reality. With these new developments, we expect growing human traffic and the need for amenities to support the increased population living and working in and around Paya Lebar Town Centre.

“The Subject Property is ideal for operations that require generous space, such as healthcare, supermarket, food court, enrichment centre, commercial school etc,” said Mary Sai, Executive Director of Investment & Capital Markets.

The indicative guide price for the property is S$40 million or about S$1,508 psf.

The Expression of Interest closes on 9 April 2015, Thursday at 3 pm.

ii) Prominent road-fronting retail space in Grandview Suites
The second opportunity is 8 adjoining strata shops on the ground floor at Grandview Suites. The total strata space is approximately 8,805 sq ft. The shops will to be sold together.

Grandview Suites, is a 5-storey residential development with commercial units on the ground storey that is currently under-construction and is anticipated to complete by middle of 2016. It is prominently located at the junction of Aljunied Road, Lorong 22 Geylang and Geylang Road. The 8-units are located at road level and enjoy high traffic visibility.

The immediate locality is predominantly residential in nature, with commercial establishments located at both sides of Geylang Road. It is also within close proximity to many reputable schools, established eateries and shopping & entertainment amenities, including Singapore Sports Hub and Paya Lebar Square.

The Aljunied MRT station is minutes’ walk away from the development. Vehicular access to other parts of Singapore is enhanced by its close proximity to major expressways such as Pan-Island Expressway (PIE), Kallang Paya Lebar Expressway (KPE) and East Coast Parkway (ECP).

“These retail units enjoy very high visibility as it is located at the junction where the traffic from Guillemard Road meets Aljunied Road. With the proposed plans to rezone Geylang Lorong 4 to 22, from “Residential/ Institution” to “Commercial/ Institution” taking place, we envisage the entire landscape along Geylang will changed substantially, potentially transforming the area into an equivalent of SoHo in London. It presents an exceptional opportunity for strategic investors or owner-operators to acquire a rare asset with potential strong rental returns and capital appreciation from future rejuvenation of the area,” said Mary Sai.

The asking price for all 8-units is in excess of S$30 million or about S$3,407 psf.

The sale is via Expression of Interest (EOI) which closes on 2nd April 2015 (Thursday), 3pm

For further information, please contact:

Ms Mary Sai, Executive Director, Investment & Capital Markets
(E): mary.sai@sg.knightfrank.com (D): +65 6228 6886 / (M): +65 9388 7879

Michael Lim, Associate Director, Corporate Communications
(E): michael.lim@sg.knightfrank.com  (D) +65 6228 7358