Four freehold retail units in Farrer Park for sale at $19.2 mil
By Nicholas Lam
/ EdgeProp Singapore |
The four retail units have a total strata area of 5,058 sq ft (Photo: Knight Frank)
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A portfolio of four retail units in the Farrer Park area is on sale via an expression of interest (EOI) exercise. The units have a total strata area of 5,058 sq ft and a guide price of $19.2 million, or $3,855 psf based on the strata area.
Located at 60, 62, 64 Rangoon Road and 136 Tessensohn Road, the ground-floor retail units feature a wide frontage and good visibility of both motorways. The properties are fully tenanted by a mini mart, Jia Bin Klang Bak Kut Teh and Suk’s Thai Kitchen.
According to Knight Frank and Sakal Real Estate Partners, the joint marketing agents for the properties, the four units make up The Farrer Shoppes – the retail podium of a mixed-use development that includes the 34-unit R66 Apartments. The development was completed in 2007.
“Investable retail podiums in developed estates are incredibly rare,” says Steven Ming, managing director of Sakal Real Estate Partners. He adds: “The property is 100% approved for F&B use, making it an attractive and secure investment proposition for both investors and owner-operators.”
"The redevelopment of Farrer Park Fields will add about 1,800 Build-to-Order (BTO) units under the Prime Location Housing scheme, potentially increasing the footfall in the long term and elevate the buzz in this area," adds Mary Sai, executive director of capital markets at Knight Frank Singapore.
Farrer Park MRT Station along the North East Line is less than 200m away. Other nearby amenities include Farrer Park Hospital and Medical Centre and hotels such as One Farrer Hotel, Holiday Inn Little India, Hilton Garden Inn and Lyf @ Farrer Park.
Units are available for sale individually, or on a portfolio basis. Individual units are priced between $3.78 million and $6.8 million, or between $3,738 to $3,992 psf.
The EOI exercise will close on Nov 28.
Check out the latest listings for R66 Apartments properties
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