Strata commercial unit with basement on Changi Road for sale at $8.3 mil
By Timothy Tay
/ EdgeProp Singapore |
The property is strategically located in the heart of Geylang Serai, within walking distance of the Paya Lebar commercial hub and the rejuvenated Joo Chiat Road area
A strata-titled ground-floor commercial unit with basement has been put up for sale at $8.3 million. The unit will be sold in an expression of interest (EOI) exercise. CBRE is the sole marketing agent.
The unit is part of a three-storey corner shophouse located at 40 Changi Road. The unit’s basement is accessible through an external door at the side of the shophouse, or through the ground-floor unit.
The ground-floor unit features a street frontage of 30m and a gross floor area of 1,948 sq ft, while the basement space is 1,259 sq ft. Thus, the guide price for the property translates to $2,588 psf on the total strata area of approximately 3,207 sq ft.
According to CBRE, this provides the new owner with the option to lease the property to two separate tenants. The ground-floor unit and basement are fully leased to a retailer.
“The property is strategically located in the heart of Geylang Serai, within walking distance of the Paya Lebar commercial hub and the rejuvenated Joo Chiat Road area. With a large residential and workforce catchment around the area, the property enjoys a strong footfall throughout the day,” says Joshua Giam, associate director of capital markets, Singapore, at CBRE.
He adds that since it is a commercial strata-titled unit, foreign buyers are eligible to purchase the property with no additional buyer's stamp duty or seller’s stamp duty imposed on the transaction. “We have been seeing strong demand from family offices and high-net-worth individuals looking for freehold commercial assets. With the property’s palatable quantum, highly accessible location and the ability for the new owner to earn immediate rental income, this opportunity will appeal to many buyers,” Giam says.
The EOI exercise closes on Aug 29.
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