16 September 2020 – Savills Singapore and CBRE Singapore, as the exclusive joint marketing agents, are pleased to offer for sale, via Expression of Interest (EOI), a portfolio of 22 retail and F&B units at HEXACUBE – a freehold corner development located with prominent frontage along Changi Road.
Commanding approximately 70 metres of prominent dual road frontage onto Changi Road and Lorong 105 Changi Road, Hexacube is strategically located in an established and affluent residential enclave, comprising predominantly landed houses and private residential developments with ready catchment. Some of the notable upcoming private residential developments in the immediate vicinity include Parc Esta with approximately 1,399 units.
The sale offering comprises twenty-two commercial units on the ground floor, second floor and basement level. The total strata area is approximately 13,466 sq ft and approx. 3,025 sq ft space is approved as Restaurant / F&B units.
The guide price is in excess of $43.8 million, approximately $3,253 per square foot. The property is approved as ‘Commercial’ with no additional buyer's stamp duty or seller's stamp duty imposed.
Mr Galven Tan (陈威礽), Deputy Managing Director, Investment Sales and Capital Markets, Savills Singapore, said: “This is a valued opportunity for purchasers to acquire a sizeable commercial space in an exciting and fast-growing precinct. Pedestrian traffic flow is expected to further increase in 2022 with the completion of 1,399 units Parc Esta, bringing additional demand for retail businesses in Hexacube.”
Galven added “The stretch of Changi Road is an established F&B enclave, with other F&B outlets from the food courts, coffeeshops and restaurants that have been there for decades.”
Mr Michael Tay(郑兆能), Head of Capital Markets at CBRE Singapore, said: “Retailers have been adapting to the new normal, and getting creative in their offerings and choice of location. In particular, retail space located in the sub-urban and city-fringe areas such as Hexacube’s, have been highly sought after and have shown resilience – even through this challenging time – due to the domestic market they cater to.”
Michael continued: “At S$3,253 per sq ft, the units are considered affordable given its freehold tenure and strategic location at the city fringe. What’s more, there is a ready catchment of the office crowd within Hexacube, residential population in the vicinity and students from the schools nearby. The current tenancies at select units will appeal to investors who are seeking an income-producing asset at a palatable quantum. We are optimistic that the flexibility in being able to acquire the units individually or collectively, depending on interested buyers’ business needs, will be a draw as well.”
The EOI exercise will close at 3pm on Tuesday, 20 October 2020.
END
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