_Knight Frank appointed exclusive marketing agent for freehold shophouse off Pasir Panjang Road
Singapore, 31 May 2022 – Knight Frank is pleased to announce its appointment as the exclusive marketing agent for an attractive two-storey freehold corner shophouse located off Pasir Panjang Road for sale via Expression of Interest (EOI).
The subject property sits on a land measuring 201.7 square metres (sqm) or approximately 2,171 square feet (sq ft), with a total floor area of 388.0 sqm or 4,176 sq ft. The indicative guide price is S$7.98 million, which works out to approximately S$1,911 per square foot (psf) based on the total floor area.
Located in the serene Pasir Panjang neighbourhood, the subject property is served by numerous urban and lifestyle amenities including the Pasir Panjang Wholesale Market and Pasir Panjang Food Centre, and an eclectic mix of cafes situated along South Buona Vista Road and Pasir Panjang Road. The Central Business District and other popular attractions such as VivoCity, Sentosa and Orchard Road are a short drive away. The property is conveniently located with direct access to the Ayer Rajah Expressway and West Coast Highway. The Pasir Panjang Mass Rapid Transit (MRT) station and Haw Par Villa MRT station are in the proximity of two kilometres.
The shophouse is currently tenanted by a popular café and bistro on the ground floor and a co-living space operator on the upper floor. Along the same row of shophouses where the subject property is located are other tenants with interesting retail and F&B concepts. Their frontage facing the main road allows the subject property to enjoy prime visibility and a healthy footfall.
Ms Mary Sai (蔡竺樾), Executive Director, Capital Markets, Knight Frank Singapore, said, “Freehold shophouses with high visibility like these are rare and continue to be trophy assets for investors and end-users. The subject property has capital appreciation potential, provides stable rental income with a healthy yield of close to 4%. On top of that, there is further upside for rental growth and redevelopment potential as its plot ratio of 3 is not fully utilised.”
The total shophouse transaction value recorded a historical high of about S$1.9 billion in 2021. The demand for shophouses in the first quarter of 2022 did not abate as buyers still see value and potential appreciation in acquiring such assets especially in good locations.
Ms Sai added, “Investor interest for shophouses as a defensive asset class has soared especially during the pandemic. There is spill over demand into the shophouse market, as commercially zoned shophouses remain unaffected by the latest cooling measures. With increasing shophouse prices in central locations, more buyers are now considering alternatives at the city fringe. We expect this listing to attract keen interest.”
The EOI will close on 30 June 2022 (Thursday), at 3:00 pm.
For more information, please contact:
Mary Sai, Executive Director, Capital Markets, Knight Frank Singapore
(E) mary.sai@sg.knightfrank.com (D) +65 9388 7879
Hector Tan, Head, Marketing & Communications, Knight Frank Singapore
(E) hector.tan@sg.knightfrank.com (D) +65 6228 7358
Jane Sng, Assistant Manager, Marketing & Communications, Knight Frank Singapore
(E) jane.sng@sg.knightfrank.com (D) +65 6228 6827
About Knight Frank
Knight Frank has a strong presence in Singapore with a head office and two subsidiaries: Knight Frank Property Asset Management and KF Property Network. For further information about Knight Frank Singapore, please visit www.knightfrank.com.sg.
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 16,000 people operating from 384 offices across 51 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors, and corporate tenants.