Knight Frank is pleased to offer three retail shops in key regions in Singapore for sale by Expression of Interest. Whilst two shops are located within mature HDB estates, the other is a ground floor, freehold strata shop. All properties are available for sale on an individual basis.
The first HDB shop is a corner coffeeshop with living quarters located at Tampines Street 91 and has a ground floor space of 4,058 sq ft, as well as living quarters of 786 sq ft on the second storey. Additionally, an outdoor refreshment area of 969 sq ft has been approved to create an extended dining area and currently comprises 10 food stalls and one drink stall. “Well-located coffeeshops and F&B outlets serving good cuisine are generally crowd pullers and are actively sought after by both investors and food operators. The last transaction of a coffeeshop in the vicinity was at Block 829 Tampines Street 81, which changed hands for $14.55 million in April 2016. As such, the vendors for the subject property hope to achieve offers of between $14 million to $16 million for the property”, says Mary Sai, Executive Director, Investment and Capital Markets, Knight Frank Singapore.
The other HDB shop is located at Block 709 Ang Mo Kio Avenue 8, right in the heart of Ang Mo Kio Town Centre. It has a total floor area of 1,636 sq ft, comprising a ground floor shop space of 893 sq ft and living quarters of 743 sq ft. The guide price is $5.5 million to $6 million.
The only private shop for sale is a ground floor strata retail unit with an accompanying basement. Located next to Joo Chiat Complex and fronting the main stretch of Changi Road, it enjoys high human traffic in the area popularly known as Geylang Serai. The freehold shop has a floor area of 3,207 sq ft, with the owner expecting about $6.5 million for the space, translating to approximately $2,026 psf.
Sai comments, “As all the 3 shops are tenanted and in good locations, they will appeal to investors looking for recurring income.” She also added that although the retail market is facing challenges from e-commerce and slower consumer spending, well-managed shops in better locations can still bear the brunt of competition from smaller shops in the neighbourhood.
The Expression of Interest exercise will close at 3pm on 26 September 2017.