16 September 2021 – Savills Singapore, as the exclusive marketing agent, is pleased to offer for sale two HDB shophouses located in the two of the most established estates of Bedok North and Toa Payoh Central via an Expression of Interest exercise.
Both shophouses are operating as commercial units on the ground floor with residential quarters on the second storey. They are fully leased providing investors with a ready income and may be purchased jointly or separately.
The shophouse along Bedok North Street 1 is 1,593 sq ft. It is currently leased to a jeweler cum optician and enjoys main road frontage. Located within the Bedok main town center, the property is a stone’s throw to Bedok MRT station. It is also adjacent to Bedok Mall and Bedok Point which is slated for redevelopment into a mixed residential and commercial property to further inject new private residences into the locality. The property will continue to enjoy high foot fall and spillover traffic from the neighbouring malls.
The second shophouse is located in the prime Toa Payoh Central hub comprising 1,238 sq ft. It is within a short walking distance to the Toa Payoh MRT station and the Courts mega store. It is currently leased to a licensed money lender and a beauty salon.
Ms. Yap Hui Yee, Director, Investment Sales & Capital Markets at Savills Singapore, said: “As a result of the work from home arrangements, businesses in the heartlands have flourished, especially in dense housing estates such as Bedok and Toa Payoh, where residents are shopping near where they live. Due to changes in consumer demand, the retail performance in heartlands have been resilient through the pandemic and many investors have shifted their focus to this suburban shophouses which are rare and limited in supply.”
The guide price for both shophouses is $7.5 million. As the HDB shophouses are treated akin to Commercial properties, foreigners and companies are eligible to purchase the properties.
The Expression of Interest exercise closes on Thursday, 14 October 2021, at 3pm.