Freehold Corner Ground-Floor Unit with Basement along Changi Road For Sale Via Expression Of Interest

Singapore, 1 August 2023 – CBRE, as the exclusive marketing agent, is offering for sale a strata-titled ground floor unit with basement at 40 Changi Road, part of a 3-storey shophouse located at the heart of the Geylang Serai cultural precinct. 

Known for its rich heritage, lively food scene, and vibrant community, Geylang Serai is a popular destination for locals, tourists, and the office crowd from nearby catchments. Geylang Serai is also within the Paya Lebar Central planning area which is envisaged to be developed into a lively commercial centre with vibrant and attractive public spaces.

The Property has a wide dual street frontage of approximately 30 metres and a strata area of approximately 3,207 sqft, with the ground-floor and basement space occupying approximately 1,948 sq ft and 1,259 sq ft respectively.

The basement of the Property is accessible either from an external door at the side of the Property, or via the ground floor portion. This allows the incoming buyer an option to lease the Property to two separate tenants. The Property is currently fully-tenanted to a retailer.

The Property is strategically located opposite the bustling Geylang Serai Market and Food Centre. This gives it consistently high footfall throughout the day. In addition, it is a stone’s throw away from many other landmarks in the area, including Paya Lebar Quarter (PLQ), Joo Chiat Complex, Wisma Geylang Serai, Haig Road Market and Food Centre, and Kampong Ubi Community Centre. Adjacent to the property is Joo Chiat Road, one of Singapore’s upcoming lifestyle hotspots that features trendy cafes and exotic grocers. The property is minutes’ walk from Eunos MRT Station (EW7) as well as Paya Lebar MRT Station (EW8).

The guide price for the Property is S$8.3 million, which translates to S$2,588 psf on the total strata area of approximately 3,207 sq ft. This is a commercial strata-titled unit and foreigners are eligible to purchase with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the sale transaction. 

Mr Joshua Giam（严耀祥), Associate Director of Capital Markets, Singapore at CBRE, observed, “The Property is strategically located in the heart of Geylang Serai, within walking distance to the Paya Lebar commercial hub and the rejuvenated Joo Chat Road area. With a large residential and workforce catchment around the area, the Property enjoys a strong footfall throughout the day. The incoming buyer can explore alternative uses such as F&B, massage establishment, gym, medical clinic, amongst others, subject to approval from relevant authorities. With an external entrance to the basement space, the Property offers flexibility in tenancy to either one or two tenants.”

Mr Giam adds ‘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. The Property will also appeal to owner-occupiers looking for a main road commercial unit in the heart of Geylang Serai. With a wide street frontage, it presents a good opportunity for prominent signage.”

The sale will be conducted via an Expression of Interest exercise which closes on Tuesday, 29 August 2023, at 12pm.