The 1,690 sq ft HDB shophouse is located at 698 Hougang Street 61 and will be auctioned on Sept 28. (Picture: SRI)
A two-storey HDB shophouse at 698 Hougang Street 61 will be put on the block at the next auction organised by Singapore Realtor’s Inc (SRI) on Sept 28. An owner’s sale, the unit will be auctioned at an opening price of $3.5 million.
The property has a total floor area of 1,690 sq ft, translating the opening price to $2,071 psf. The 99-year leasehold shophouse has a remaining tenure of approximately 62 years. It includes a 1,001 sq ft, ground-floor commercial space. The second floor’s 689 sq ft residential space is leased to a tenant.
The shophouse is situated within the 37-year-old Hougang Spring estate. This neighbourhood and other adjacent HDB estates along Hougang Avenue 8 form a mature residential area with numerous schools, community facilities and access to an MRT station.
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The property has a remaining land tenure of 62 years. (Map: EdgeProp Singapore)
Located approximately 500m from the block is the Hougang Sports Centre, comprising a sports hall, swimming complex and stadium. The area also benefits from convenient access to Hougang MRT Station, part of the North-East Line, which will serve as an interchange for the forthcoming Cross Island Line from 2029.
EdgeProp Singapore’s Landlens tool highlights three schools within 500m of 698 Hougang Street 61 — Montfort Junior School, Montfort Secondary School and Yio Chu Kang Primary School. Other schools within 1km of the block are Xinmin Primary School, Hougang Primary School and Punggol Primary School.
Based on population census data compiled by Landlens, roughly 90% of Hougang Spring residents are homeowners, while the remaining 10% comprises tenants and commercial shop proprietors.
The ground-floor commercial space. (Picture: SRI)
Eric Liew, manager (auction) at SRI and the marketing agent for the sale of the shophouse, says the large catchment of residents living in the area and the proximity of several schools generate regular footfall that supports commercial businesses.
The HDB shophouse also offers a unique investment opportunity for those seeking portfolio diversification. Liew adds that the asking price particularly appeals to newcomers aiming to capitalise on the potential long-term rental returns from this type of asset.