SINGAPORE (EDGEPROP) - A freehold five-storey building at 143 East Coast Road is now on the market from $19 million ($2,219 psf on existing built-up area). The building was previously home to MindChamps preschool and was rebuilt in 2018. It is currently being leased to 5 Steps Academy and enjoys a stable rental yield between 2% and 2.5%.

The property has a glass exterior and is prominently visible from the junction between East Coast Road and Joo Chiat Road. With a land area of 2,251 sq ft and a built-up area of 8,563 sq ft, the property also has an open terrace on the fifth floor. The back lane has an additional drop-off point for occupants and visitors.

Located across I12 Katong, which is currently closed for renovation, the property is also only a couple of minutes by foot to the upcoming Marine Parade MRT Station. I12 Katong is scheduled to reopen this year.

There are other F&B establishments in close proximity, such as NineThirty by Awfully Chocolate, Zaffron Kitchen and Sin Hoi Sai Eating House.

“Marine Parade MRT Station will increase human traffic to East Coast Road, further cementing the upside value of the property,” says Loyalle Chin, associate division director at PropNex Realty.

Additionally, Chin says that the commercial value of East Coast Road is on the rise as there are several new residential developments that are about to obtain Temporary Occupation Permit (TOP) this year, such as Amber 45, MeyerHouse, Vanilla and Seaside Residences.

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The property is zoned full “commercial” and is not subject to additional buyer’s stamp duty. Foreigners are eligible to purchase. The expression of interest exercise for 143 East Coast Road will close on March 18 at 3pm.

Check out the latest listings near East Coast Road, I12 Katong, Vanilla, Amber 45, Seaside Residences, MeyerHouse, Marine Parade MRT Station