Ground-floor commercial unit along East Coast Road for sale from $19.9 mil
The corner unit measures 4,736 sq ft, excluding outdoor spaces (Picture: Steward Asia)
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A ground-floor commercial unit along East Coast Road is up for sale through an expression of interest (EOI) exercise. The corner unit, located near the intersection of East Coast Road and Tembeling Road, measures 4,736 sq ft, excluding outdoor spaces.
The unit is currently leased to preschool operator Pink Tower Montessori, who has occupied the space since 2010. The property generates a rental yield of approximately 2.3%, according to a March 24 release by Steward Asia, which is handling the sale. Steward Asia is a unit under PropNex Realty.
According to the release, the sale price of the freehold unit is available upon enquiry. However, EdgeProp Singapore understands the unit is being sold with a targeted price starting from $19.9 million. Based on the unit’s size, the target price works out to around $4,200 psf.
The unit is currently leased to preschool operator Pink Tower Montessori (Picture: Steward Asia)
The property is 400m from Marine Parade MRT Station on the Thomson-East Coast Line, and is close to lifestyle hubs such as i12 Katong.
Loyalle Chin, director of Steward Asia, observes that corner freehold commercial assets in Katong remain tightly held and are highly sought after. "With the continued transformation and residential population growth in East Coast, we are seeing increased interest from both local and foreign investors," he adds.
The EOI exercise will close on May 26 at 3pm.
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