Singapore - 23 June 2014
CBRE is pleased to offer a prime freehold corner two storey conservation shop house building along Tanjong Katong Road for sale through Public Tender exercise.
Located at 362/A Tanjong Katong Road, it has a land area of approximately 2,025 square feet. With a gross plot ratio (GPR) of 3.0 in the 2014 Master Plan, the current zoning is Residential with Commercial on level one.
Prominently located at the junction of Tanjong Katong Road and Wilkinson Road, the immediate neighbourhood is surrounded by landed houses in the Goodman/Mountbatten vicinity. In addition it also enjoys the convenience of public transportation that plies the main Tanjong Katong Road. A large public car park located directly across the road provides convenient access for patrons of the F&B outlets located on the ground floor.
Nearby amenities include the Canadian International School (Tanjong Katong), Chatsworth International School (East Campus) and Parkway Parade.
The property is currently fully tenanted, with the ground floor leased to a popular local restaurant bar, and the upper floor is occupied by boutique studio units.
362/A Tanjong Katong Road is easily accessible via major arterial roads, Mountbatten Road and Tanjong Katong Road, with numerous bus routes that connect to Dakota MRT Station (Circle Line) and Paya Lebar MRT Station (East-West Line/Circle Line interchange). The area connects to other parts of the city via the East Coast Parkway (ECP), Marine Coastal Expressway (MCE) and Kallang Paya Lebar Expressway (KPE). Singapore Changi Airport is also a mere 10-minute drive away.
Tanjong Katong Road has in recent years evolved into a popular F&B enclave with an eclectic mix of well-known tenants, including Bar Bar Black Sheep, Ng Ah Sio Bak Kut Teh Eatery House, Eng’s Wanton Noodles, House of Seafood Restaurant, Hong Kong Street Chun Kee, and Punggol Nasi Lemak, amongst others. The area exudes a strong local heritage charm that comes with a twist of modern vibe which draws crowds from all over Singapore. The area is well-poised for continued rejuvenation and with the Eastern Region MRT Line due to be constructed, this will further enhance the attractiveness of the property.
Galven Tan, Director, Investment Properties, CBRE said, “This is an exceptional offering and a rare opportunity to acquire a prominent freehold corner shop house. With the existing F&B tenant in place, a buyer can immediately reap strong rental returns in excess of 4% from the steady cash flow that is currently in place. In the long term, there are various development options available to the buyer.”
Parties that are known to be keen on such properties include developers, retailers, food and beverage operators, corporates, property funds, private-equity, family offices and high net-worth individuals, both local and overseas, who are looking for quality assets for enhancement, development, or potential rental and capital appreciation.
“Amid the increased interest in mixed-used properties, and the scarcity of such purchase opportunities in the market, we expect the property to attract strong interest. Several unsolicited offers prompted the owner to make a decision to appoint CBRE to handle the sale via public tender.” Galven Tan added.
CBRE is the sole marketing agent for this public tender.
The tender closes on 25 July 2014, Friday at 3 pm.
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Disclaimer:
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
