HDB Ground-floor Strata Unit in Little India for Sale Via Expression of Interest

Singapore, 19 September 2024 – CBRE, as the exclusive marketing agent, is pleased to offer a rare opportunity to acquire a ground floor HDB shophouse located in 662 Buffalo Road, #01-16. The sale will be conducted through an Expression of Interest exercise, which closes on Thursday, 17 October 2024, at 12pm.  

Located less than a minute’s walk from Little India MRT station, the Property comes with a shop frontage of approximately 15 metres and is located beside the bustling Tekka Market and Food Centre. Being the largest wet market in Singapore, Tekka Market and Food Centre features 284 market stalls, 119 hawker stalls and 55 commercial shops and is popular with both locals and tourists. This ensures a high footfall around the Property at any time of the day. 

The Property has a strata area of 2,260 sq ft and comes with an indicative guide price of $7.7 million or approximately $3,407 psf on the strata area. Being a commercial property, companies and foreigners are eligible to purchase the property with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the sale.

 

Mr Joshua Giam (严耀祥), Associate Director of Capital Markets, Singapore at CBRE says, “The Property is currently leased to an Indian restaurant which has been in the Property for more than 10 years. There is a continuous high footfall around the Property as it is strategically located beside Tekka Market and Food Centre and located less than 50 metres from Little India MRT Station exit C. At the current asking price, the incoming buyer will be able to enjoy stable rental yield of close to 4%, with potential to increase in the near term.”

Tekka Market and Food Centre was renovated and reopened in September 2023 and the improvement works included a fresh coat of paint on the façade, installation of new flooring, new tables and chairs, and upgraded toilets. 

Mr Giam added, “With the Government’s initiatives to rejuvenate public spaces, the renovation of Tekka Centre last year has benefited the whole area with increased footfall and new dining options. Furthermore, ground floor HDB shophouses with large floor plates are scarce and have strong leasing demand. Subject to the authorities’ approval, the Property has the flexibility to be converted into a coffee shop or fast-food restaurant, with the potential for the common areas directly outside the Property to be used as an Outdoor Refreshment Area (ORA) to expand seating capacity. It can also be subdivided, allowing it to accommodate two separate tenants, which could significantly enhance rental income. Given the Property's prime location and the potential for favourable rental reversion in the near future, we anticipate strong interest in this Expression of Interest exercise. The strategic positioning and adaptability of the Property make it an attractive investment opportunity for prospective occupiers and investors alike.”