A two-storey HDB shop at Block 246 will be up for sale at SRI’s property auction on Oct 29. Offered as an owner’s sale, the 2,153 sq ft unit has a guide price of $3.85 million ($1,788 psf).
The property comprises about 1,152 sq ft of commercial space on the first floor, which includes a bathroom, and about 1,001 sq ft of residential space on the second floor with two bedrooms and two bathrooms. The entire unit is currently tenanted as a childcare centre.
According to SRI, the two-storey shop will be sold with vacant possession. Any change of use will be subject to HDB approval. The 88-year leasehold property has a remaining lease of 58 years.The property is in a mature HDB estate called Hougang Heights off Hougang Avenue 3 in District 19. The estate was completed in the 1980s and comprises 16 residential blocks with a mix of three- to five-room flats.
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Xinghua Primary School and Yuying Secondary School are next to Hougang Heights, and three religious buildings are adjacent to the estate — Chee Tong Temple, Zi Yun Kai Ji Kong Temple, and Living Sanctuary Brethren Church.
The nearest MRT station is Kovan on the North-East Line. Condominiums next to the station include Stars of Kovan, Kovan Residences, and Kovan Melody. There are also several low-rise landed neighbourhoods along the nearby Upper Serangoon Road and Tampines Road.
A list of condos in the vicinity of 246 Hougang St 22, as shown on EdgeProp’s Landlens. (Map: EdgeProp Singapore)
HDB shops in mature housing estates continue to be highly sought-after assets among owner-occupiers and investors, especially since the supply of new units in older estates is scarce, says Mok Sze Sze, managing partner of auction at SRI and the unit’s exclusive marketing agent.
She adds that the convenience of such HDB shops located within housing estates translates to high footfall throughout the day. In addition, childcare centres found near schools often enjoy a large catchment of families with young children studying at these schools or families who are staying nearby.
“We expect this unit will appeal to established childcare centre operators who are keen to grow their presence in Hougang, a diverse and mature housing estate. The scarcity of new HDB shops in this area also adds to its long-term capital appreciation,” says Mok.