The property is located on a near L-shaped plot along Block 210 New Upper Changi Road. The unit enjoys high visibility along the main thoroughfare of New Upper Changi Road near its junction with Bedok Central. Situated approximately 250 metres from the Bedok Integrated Transport Hub, it enjoys seamless connectivity and benefits from high footfall traffic generated from the wide array of amenities in the vicinity, e.g. Bedok Mall, Bedok Point, Bedok Hawker Centre, Sheng Siong Supermarket, HDB shops, banks and coffeeshops. An open public carpark at the rear adds convenience.
The unit, with a total strata floor area of 377 square metres, has been approved for use as shop for both levels. Fully tenanted, it comprises a banking hall of 172 square metres on the ground floor, with separate access via an external common staircase to the upper floor gymnasium with a strata floor area of 205 square metres. The unexpired lease tenure is approximately 59 years.
Suzie Mok, Senior Director of Investment Sales at Savills Singapore, who is handling the sale, commented: “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.”
“Its preeminent location nestled amid a spatial agglomeration of banking halls in the mature Bedok estate (i.e. the largest HDB estate in Singapore with a population catchment of more than 300,000) is an extremely rare and excellent opportunity”, she added.
The guide price for the tenanted shop is S$10.5 million with a gross rental yield exceeding 3 per cent. Foreigners are eligible to purchase the property as the entire unit is approved for commercial use with no additional buyer’s stamp duty.
The Expression of Interest exercise will close at 3.00pm on 31 October 2019.