A standalone freehold commercial block at 1 Jalan Taman, St Michael’s Place, has been put up for sale through an expression of interest (EOI) exercise. Located near Boon Keng MRT Station, the property is currently leased to international pre-school Maplebear.
The property faces Serangoon Road and has a total combined gross floor area (GFA) of approximately 12,800 sq ft over four storeys. Each floor has common areas including a lift lobby, corridor and restrooms. It also has a driveway and front porch for pick-up and drop-off.
According to Noeleen Goh, senior director – alternatives (Asia capital markets) at JLL, the current tenant is on a 4+4+4 year lease term with upward rental growth at each renewal. Its proximity to the Bidadari and Potong Pasir housing estates is expected to translate into “robust pre-school trade fundamentals, thereby enhancing capital appreciation”, she says. JLL is the exclusive marketing agent for the property.
As the property is zoned for commercial use, foreigners are eligible to purchase the property. No additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD) is imposed on the purchase.
The EOI exercise closes on May 23.
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