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News Release

Singapore

Freehold shophouses at South Buona Vista Road up for sale

Indicative price in the region of $9 million for 38 South Buona Vista Road and $12.6 million for 30 & 32 South Buona Vista Road


SINGAPORE, 28 August 2017 – JLL, as the exclusive marketing agent, is inviting offers through an Expression of Interest (EOI) exercise for the purchase of freehold shophouses located at 30, 32 & 38 South Buona Vista Road. 

Prominently located along South Buona Vista Road, the properties enjoy excellent main road frontage and command excellent visibility. The offerings are located about 600-metres away from Haw Par Villa MRT and are highly accessible via public transportation. Major expressways, including the Marina Coastal Expressway (MCE) and Ayer Rajah Expressway (AYE), can be readily accessible.

30 and 32 South Buona Vista Road are a pair of adjoining 2-storey shophouses, which sit on a combined land area of 3,212 sf. The pair of shophouses has a combined floor area of around 6,324 sf. The property is being offered for sale with existing tenancies. Tenants include Michael’s Bar and Grill (Level 1), a popular restaurant, which serves Western cuisine, and The Apato, which operates 10 serviced apartment units on Level 2. There is a 1,467 sf vacant ground floor unit available, which allows for immediate occupation by an end-user. The guide price of 30 and 32 South Buona Vista Road is in the region of $12.6 million ($1,992 psf on total floor area).

38 South Buona Vista Road is a corner 2-storey shophouse, which sits on a land area of 2,171 sf. The shophouse has a total floor area of around 4,176 sf. The shophouse is being offered for sale with existing tenancies. Tenants include Paddy Hills (Level 1), an upscale café which offers Australian-Japanese international fusion cuisine with specialty coffee, and The Apato, which operates 8 serviced apartment units on Level 2. The guide price of 38 South Buona Vista Road is in the region of $9 million ($2,157 psf on total floor area), which reflects a gross yield of about 4.5%.

Under the 2014 Master Plan, the properties are zoned under “Residential with Commercial at 1st storey” with a Plot Ratio of 3.0. At the existing built-up area, the properties have yet to fully utilise the maximum permissible Plot Ratio of 3.0. Incoming purchasers have the benefit of exploring various redevelopment or asset enhancement works to potentially increase the built-up area for the property.


Being located close to the One-North cluster, Mapletree Business City and The Singapore Science Park I & II, the Buona Vista area has undergone a major transformation into an affluent living area and vibrant lifestyle destination for expatriates and locals working in the high technology industry. Under URA’s Master Plan, studies are underway to determine the feasibility of potentially having an Underground Science City that houses up to 4,200 scientists, researchers, and professionals in Research and Development facilities and data centres located under the Kent Ridge Park. This will further strengthen the area as a renowned Science and Technology hub.

The precinct is also located next to the future Greater Southern Waterfront. Outlined under the URA’s 2014 Master Plan, the relocation of the ports and terminals along the Southern coastline (from Tanjong Pagar to Pasir Panjang) will free up 1,000 hectares of land potentially for the development of office developments, retail malls, high-end residential towers, hotels, public spaces and a waterfront promenade.

Mr. Clemence Lee, Associate Director, Capital Markets, JLL, said: “Opportunities to acquire freehold shophouses in the city fringe area with yields in excess of 4% are rare in today’s market. 30, 32 & 38 South Buona Vista Road presents the incoming investors with an exceptional opportunity to acquire a strong and stable income-producing asset situated in an affluent locale. We anticipate strong interest from astute end-users and investors such as local family offices and high-net-worth individuals (HNWIs).”

He added: “Being strategically located close to the Science and Technology cluster, the properties present the new owner with an opportunity to claim a stake in this exciting area. As the area further matures, the new owner can expect to enjoy capital and rental upside from the urban regeneration and the gradual transformation of the area in the mid-to-long term.”

The shophouses can be sold either individually or collectively. 

The Expression of Interest exercise closes on Wednesday, 20 September 2017, at 3pm.

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Note to editors:

1. A high-resolution photograph of 30, 32 South Buona Vista Road is available here, and one of 38 South Buona Vista Road here.