SINGAPORE (EDGEPROP) - A brand new three-storey commercial building at 933 Upper Changi Road North has been put on the market at a guide price of $38 million ($2,000 psf on gross floor area). It is exclusively marketed by CBRE.

The building sits on a freehold site of around 13,561 sq ft and enjoys prominent visibility with a 70m dual-road frontage along Upper Changi Road North and Mariam Way. It has a built-up area of 18,986 sq ft and space to accommodate 12 carpark lots.

“The property is strategically located within a densely populated residential enclave of more than 15 condominiums with more than 6,000 residential units. Given the lack of immediate retail facilities and amenities in the neighborhood, investors can explore leasing part of the space to an anchor tenant such as a supermarket and other spaces for complementary trades — including health and beauty retailers, childcare facilities, fitness centers and clinics,” says Clemence Lee, senior director of capital markets at CBRE.

The building can also be used for offices, commercial schools, as well as associations, he adds. Under the 2019 Master Plan, the site is zoned “commercial” and it has a plot ratio of 1.4.

Once Changi East Industrial Zone, Changi City waterfront district and Changi East Urban District are established, the property can benefit from the spillover of commercial activities, leading to strong capital appreciation, says Lee.

Foreigners are eligible to purchase the property with no additional buyer’s stamp duty or seller’s stamp duty imposed.

The sale will be via an Expression of Interest exercise, which will close on April 28 at 3pm.

Check out the latest listings near Upper Changi Road North and Mariam Way