A shophouse comprising two stories in an HDB block has been released for sale. Based in the thriving neighbourhood of Marine Parade, the subject property contains retail space on the first floor and living quarters on the second floor. The second tier of the property is currently fully tenanted, contributing to its profitability.
The lease for the property spans 83 years, commencing on April 1, 1993. It has a floor area of 1,506 sq. ft and a frontage of 50 meters along Marine Parade Central. It is strategically located near the soon-to-be-completed Marine Parade MRT station on the Thomson East Coast Line, slated to open in 2024. The area also boasts proximity to other vital amenities such as Parkway Parade, Parkway Centre, Holiday Inn Express Katong, and Grand Mercure Roxy Hotel.
The appointed marketing agent by ERA states that the area of Marine Parade is fast becoming an enticing location, with a bevvy of notable projects taking shape in the surroundings, including a plethora of new condominiums like Amber Park, Meyer Mansion, Tembusu Grand, and The Continuum. In Upper Bukit Timah area, there is The Myst. He further remarks that Marine Parade’s ever-growing retail catchment draws buyers and investors toward the property.
Donald Goh, Director of Capital Markets and Investment Sales of ERA Singapore is handling the sale of the subject property. He believes HDB shophouses have displayed rental resiliency and consistent capital appreciation. With only roughly 8,500 private-owned units available island-wide, this property will likely be in high demand.
The expression of interest exercise for the property will terminate on May 25 at 3 pm. Donald Goh expects the subject property to attract strong interest from local property investors on the search for well-located properties with an abiding yield and future capital appreciation potential.