Savills Singapore has been exclusively appointed to market a prime heartland restaurant space for sale by tender. The tender closes on 6 November 2014 at 3pm.
Savills Singapore has been exclusively appointed to market a prime heartland restaurant space for sale by tender.
Conveniently located in 135 Jurong Gateway Road, the subject property is a mere 200 metres from Jurong East MRT station and bus interchange. The strategic location experiences high footfall from an upcoming pedestrian mall (linking the Jurong Gateway and Jurong Lake areas), JCube, Jurong Regional Library, CPF Building and various banks, education centres, offices and retail shops.
The subject property currently accommodates Boon Lay Raja Restaurant, a 60-table Chinese restaurant with a strata area of about 11,248 sq ft and a remaining lease of about 69 years from its lessor, The Housing & Development Board (HDB). Change of use to other trades may be allowed, subject to HDB’s approval.
“The vendors have been operating Boon Lay Raja Restaurant, a popular family restaurant in the west of Singapore for more than 20 years. They would have preferred to continue operating this profitable business if not for their impending retirement. This is a rare opportunity for restaurateurs facing escalating rentals to operate on their own premise, and establish or consolidate their presence in this highly sought-after location.” says Derrick Tan, Associate Director of Investment Sales at Savills Singapore.
The surrounding housing and industrial estates, International Business Park as well as upcoming residential, retail, office, hospitality and medical developments in the Jurong Gateway precinct provides a large catchment of potential customers.
“Prime HDB restaurant space is a rarity especially in the Jurong Gateway precinct, the biggest commercial hub outside the Central Business District. This area is slated for further growth with the makeover of the Jurong Lake District and possible site of the new Singapore-Kuala Lumpur High-Speed Rail Terminus. Being well-located and rare, we expect keen interest and immense competition from both end-users and investors.’’ added Derrick.
The vendors are looking at a reserve price of S$15 million, or S$1,334 psf over the strata area.
The tender closes on 6 November 2014 at 3pm.