Freehold retail podium at Grandview Suites for sale at $26 mil
By Timothy Tay
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - The eight adjoining shops that make up the ground-floor retail podium at Grandview Suites are on the market for $26 million. Knight Frank Singapore is the sole marketing agent for the sale of these retail properties, which will be sold in an Expression of Interest (EOI) exercise.
Completed in 2016, Grandview Suites is a five-storey, mixed-use development at 1 Lorong 22 Geylang. The entire development comprises 52 apartments and eight ground-floor shops. The freehold site is at the corner of Geylang Road and Lorong 22 Geylang.
The eight retail shops at Grandview Suites comprise the entire ground-floor commercial podium of the development. (Picture: Knight Frank Singapore)
The strata retail shops have a combined floor area of 8,804 sq ft, with unit sizes ranging from 409 sq ft to 3,068 sq ft. The units are fully leased to a fitness centre, a laundromat, a dancing studio, dental and medical clinics, and other retail businesses.
The entire strata value of the shops constitutes 26.7% of the total share value of the freehold development.
“The recurring income, freehold tenure and exact siting of the shops in the conspicuous corner of two busy main roads are great attributes for drawing footfall and common on the checklist of prospective buyers, so a very healthy amount of interest is expected,” says Mary Sai, executive director of capital markets for land & building, collective & strata sales, Knight Frank Singapore.
The EOI exercise for the sale of the eight shops will close on June 15.
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