Diversified Portfolio of HDB Shophouse Units For Sale Across Three Locations

Singapore, 18 March 2024 – CBRE, as the exclusive marketing agent, is pleased to offer a rare opportunity to acquire a portfolio of eight HDB shophouse units at three different locations at a guide price of $19.5 million. The sale will be conducted through an Expression of Interest exercise, which closes on Tuesday, 23 April 2024, at 3pm. Assets in the portfolio can be sold individually or collectively.

Each of the HDB shophouses are strategically located in prime mature estates including City Hall, Lavender, and Aljunied, and enjoy prominent frontages with high footfall.

Mr Michael Tay (郑兆能), Head of Capital Markets, Singapore at CBRE, says, “There are only about 8,500 privately-held HDB shophouses in Singapore. The defensive nature of HDB shophouse assets is appealing to investors seeking stable-yielding opportunities. Over the last four years, HDB town centres have been bustling as more people work from home and frequent their neighbourhood retail shops. Being fully tenanted, the portfolio offers investors a rare opportunity to acquire prime HDB shophouses that provide defensive income streams with potential for rental increase to incoming buyers”.

The first opportunity offers two HDB shophouse units in Bras Basah Complex, 231 Bain Street. Sitting in the city centre between civic hub City Hall and the bustling Bugis entertainment district, the units enjoy a constant stream of footfall. It comprises two units – on the ground floor and on Level 2 - measuring approximately 1,798 sqft and 2,777 sqft respectively. The ground floor unit comes with a prominent frontage facing Raffles Hotel, one of Singapore’s most iconic and busiest hotels. It is currently tenanted to a Korean minimart and comes with an adjacent ATM space. The Level 2 unit is a corner shop with dual frontages, located directly beside the staircase. It is tenanted for office use.




The second opportunity involves three HDB shophouses located at 119 Aljunied Avenue 2. The units are three adjacent 2-storey shophouse units with a prominent main road frontage along Geylang East Central main road. The units enjoy strong footfall from residents in the Geylang East and Aljunied estates. They have a total strata area of 4,897 sqft, comprising of approximately 2,174 sqft of space on the ground floor and approximately 2,723 sqft of space at the living quarters (level 2). The ground floor is leased to a dental clinic and an ATM autolobby.



The third opportunity comprises three HDB shophouse units at 803 King George’s Avenue. The assets are two adjacent ground floor units, and a Level 2 unit. The ground floor units have a combined strata area of approximately 1,816 sqft and are tenanted to Habitat Coffee and an ATM space. The Level 2 unit measures approximately 958 sqft and is tenanted for office use. The area has undergone rejuvenation over the past few years, and is home to many lifestyle cafes and fitness centers. The assets are also located within walking distance to Lavender MRT Station, and are served by ample parking lots in the area.



Mr Joshua Giam (严耀祥), Associate Director of Capital Markets, Singapore at CBRE says, “With a palatable quantum starting from $4 million for the assets at 803 King George’s Avenue, $6.9 million for the assets at Aljunied Avenue 2 and $8.9 million for the assets at Bras Basah, the portfolio come with yield of more than 4% with potential to increase with either rental upsides or potential for further subdivision of space to lease to more tenants. Subject to the relevant authorities’ approval, the assets also come with the potential for other usages such as F&B, fitness centers, medical clinics amongst others. With the assets’ superior locations, prominent frontages, potential for rental upside, we expect strong interest from both individual asset and portfolio buyers to participate in this Expression of Interest exercise”.