Savills Singapore and JLL, as the exclusive joint marketing agents, are pleased to present an opportunity to acquire a portfolio of commercial strata assets featuring 10 restaurant-approved ground floor units, 1 retail unit and a basement car park with 82 lots. The assets are strategically situated within The Venue Shoppes at 2 Tai Thong Crescent.
The 11 restaurant and retail units within the portfolio are presently fully leased out and boast popular tenants such as Springleaf Prata and Ayam Penyet President. The 11 ground-floor commercial units have a combined strata area of 9,537 sq ft with various units ranging from 614 sq ft to 3,724 sq ft, while the basement car park has a strata area of 10,775 sq ft.
Completed in 2017, The Venue Shoppes is a retail podium that is an integral part of a mixed-use development which also includes The Venue Residences with 266 residential units. The Venue Shoppes comprises a total of 28 ground floor retail units, of which 5 units are approved as shops while 23 units are approved as restaurants, and a strata basement car park with 82 lots.
Located prominently at the junction of Upper Serangoon Road and Macpherson Road, The Venue Shoppes is a short drive from the city centre and is easily accessible by car with close proximity to major expressways such as PIE, CTE and KPE. Potong Pasir MRT station is a short 3 minutes’ walk away and is just two stops away from Serangoon MRT Interchange.
In prime position within the established populated city fringe at Potong Pasir, the retail podium has a large residential and office population catchment from the adjacent housing and industrial estates of Macpherson, Serangoon, Potong Pasir, Aljunied, Paya Lebar, Tai Seng, Ubi and Kallang Way. The schools in the vicinity such as St Andrew’s Junior and Secondary Schools, St Andrew’s Junior College and Cedar Girls’ Primary and Secondary Schools contribute to the high footfall throughout the day.
Ms. Sophia Lim, Director, Investment Sales & Capital Markets at Savills Singapore, notes, “Situated in a growth precinct that will house additional 9,000 residents upon the completion of the BTO flats within the Bidadari estate, The Venue Shoppes is poised to benefit from the spillover from the increased pool of residential catchment in the vicinity. This portfolio of ground floor retail and restaurant units, along with the car park lot presents purchasers with an exceptional opportunity to acquire commercial assets with immediate rental income and capital upside in the mid to long term horizon.”
Mr Alaric Yeo, Senior Manager, Capital Markets at JLL shares, “Suburban F&B and retail assets within mature residential estates continue to perform strongly amidst the backdrop of changing consumer preferences and the rising trend of flexible work-from-home arrangements. Such assets are also highly sought-after given their overall resiliency as they are not reliant on tourism arrivals and spending to generate footfall and revenue. We anticipate keen interest for the portfolio from investors and end-users looking to tap the vibrant community in the locale.”
The strata assets are available for sale individually or as a portfolio. The guide price of the ground floor commercial units starts from $2.72 million, with all 11 restaurant and retail units having a total asking price of $40.77 million and the commercial strata car park is offered on a request basis. Both foreigners and companies are eligible to purchase, and no additional buyer’s or seller’s stamp duty will be imposed.