A two-storey HDB shop unit along Blk 210 New Upper Changi Road in Bedok Town Centre is on the market for $10.5 million, or about $2,587 psf based on the total strata floor area of 4,058 sq ft. The sale will be conducted by an expression of interest (EOI) exercise by Savills Singapore.
Both floors of the property have been approved for commercial use as shop space and are fully tenanted. A banking hall occupies the 1,851 sq ft space on the first floor, while an external common staircase leads to a gym that occupies the 2,207 sq ft second floor. The unexpired lease tenure is about 59 years. The gross rental yield on the property is more than 3%, says Savills.
The shop unit enjoys high visibility along New Upper Changi Road and is about 250m from the Bedok Integrated Transport Hub. It also benefits from the high footfall generated by the nearby Bedok Mall, Bedok Point, Bedok Hawker Centre, and Sheng Siong Supermarket.
“This commercial asset, with a primary incumbent ‘corporate blue chip’ tenant, will appeal to high-net-worth individuals, family offices, and local and foreign institutional buyers seeking a stable and quality income stream with mid-term capital upside,” says Suzie Mok, senior director of investment sales at Savills Singapore.
Foreigners are eligible to purchase the property with no additional buyer’s stamp duty on the sale. The EOI exercise will close on Oct 31.
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