The Ang Mo Kio shophouse has a frontage of approximately 24m and is sub-divided into 5. (Credit: CBRE Singapore)
An HDB shophouse in Toa Payoh and another in Ang Mo Kio have been put up for sale for $51 million. The properties will be sold in an expression of interest (EOI) exercise and are marketed by CBRE. They can be acquired individually or collectively.
The HDB shophouse in Toa Payoh is located at Block 190 Lorong 6 Toa Payoh, with a guide price of $13.5 million. The property has a 79-year leasehold that started on July 1, 1992. It has 47 years remaining on its lease. It is a first-storey unit with a strata area of 1,033 sq ft and a frontage of 7.5m that faces the HDB Hub. According to CBRE, the property will be subdivided into three units, of which two have been pre-committed and leased out to tenants.
(Source: CBRE Singapore)
The second HDB shophouse is located at Block 702 Ang Mo Kio Avenue 8 and has a guide price of $37.5 million. The property has an 87-year leasehold that started on Jan 1, 1993. It has about 57 years remaining on its lease. It is also a first-storey unit with a strata area of 4,036 sq ft and a store frontage of approximately 24m. The property is already sub-divided and fully leased to five existing tenants: an established beauty retailer, a chain fashion retailer, a hair salon, a beauty salon and a financial credit service.
Read also: Five HDB shophouses on the market for $42 mil
(source: EdgeProp Singapore)
“With supply limited to only around 8,500 privately-held HDB shophouses, this is a rare opportunity for investors,” says Clemence Lee, executive director of Capital Markets, CBRE Singapore. “Both properties occupy high-profile locations with the strongest footfall within the town centres, which are strategic to their high rental command.”
He adds: “The wide frontages of the properties enable them the flexibility to maximise rental income through further subdividing of the units or converting to alternative uses, subject to approvals.”
The EOI exercise closes on Feb 8.