A freehold ground-floor strata retail podium located at Coronation Shopping Plaza in Bukit Timah is up for sale with an indicative price of $30 million. (Photo: CBRE)
SINGAPORE (EDGEPROP) - A freehold ground-floor strata retail podium located at Coronation Shopping Plaza in Bukit Timah is up for sale with an indicative price of $30 million.
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The sale will be conducted through an expression of interest exercise, and CBRE is the exclusive marketing agent.
The retail podium has a total strata area of approximately 6,491 sq ft and is currently fully leased to three tenants: KFC, Starbucks and Zenith Education Studio.
Clemence Lee, senior director, capital markets at Singapore at CBRE, notes that the three “blue-chip tenants” will provide investors with immediate and stable rental income.
“With no new known sizable retail supply coming up in the area, we believe in the continued compelling popularity of retail assets in this area, and prospective buyers of the subject property will be able to enjoy strong rental and capital appreciation moving forward,” he adds.
Foreigners are eligible to purchase with no additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD) imposed on the commercial property transaction. (Find Singapore commercial properties with our commercial directory)
Coronation Shopping Plaza is located at 587 Bukit Timah Road, within walking distance of Tan Kah Kee MRT Station and Botanic Gardens MRT Interchange. Other tenants at the mall include NTUC Fair Price, UOB Bank, Pet Lovers Centre and Kumon.
“Since its completion in 1979, the 35-year-old Coronation Plaza has managed to build up a strong base of loyal customers, establishing itself as the one-stop retail destination for residents in Bukit Timah,” remarks Lee.
Lee also highlights that shopper traffic to the mall has risen in the last two years, as many residents in the surrounding Bukit Timah estate are working from home.
The expression of Interest exercise for the property will close on March 16 at 3pm.
Check out the latest listings near Coronation Shopping Plaza, Tan Kah Kee MRT Station, Botanic Gardens MRT Interchange