SINGAPORE (EDGEPROP) - A ground-floor F&B unit at 2 Greenwood Avenue in prime District 11 has been put up for sale with a guide price of $16 million. The freehold unit will be sold in an expression of interest exercise, and it is currently marketed by CBRE.

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Located in the prestigious Bukit Timah neighbourhood, the property is the ground-floor commercial unit of a two-storey semi-detached house. The unit enjoys prominent street-level visibility due to its 27-metre dual road frontage along Greenwood Avenue and Hillcrest Road.

According to the latest Master Plan, the entire building is zoned “residential with commercial at first storey”. The commercial unit is approved for restaurant usage and is currently leased to a Mediterranean restaurant. It has a total strata area of 2,670 sq ft.

“Within the entire Hillcrest planning subzone of the Bukit Timah planning area, only a small pocket of 27 shophouses are zoned for commercial use on the ground floor. Furthermore, with the URA no longer giving new F&B approval in the area, units with restaurant approval are extremely scarce,” says Clemence Lee, executive director, capital markets, Singapore, at CBRE. (Find Singapore commercial properties with our commercial directory)

Thus, he expects the property to attract strong buying interest from local and foreign high-net-worth buyers, family offices, and F&B operators. Foreigners are eligible to purchase the property, and there will be no additional buyer's stamp duty or seller's stamp duty imposed on this purchase.

The new owner will have the option of subdividing the unit into two or three separate units, given its wide frontage. This would allow the new owner to lease multiple units and increase the rental income, says Lee.

“Given the scarcity of malls and retail amenities in Bukit Timah, astute investors recognise the strong demand for prime restaurant spaces in the area. There is no known new retail supply that will be introduced in the vicinity,” he says.

The expression of interest for the sale of this unit closes on Sept 7.

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