Freehold corner 24-hour coffee shop near Paya Lebar MRT station up for sale
Guide price of $13.5 million reflecting $1,730 psf on GFA
SINGAPORE – A freehold corner 24-hour coffee shop along Changi Road has just been launched for sale via an Expression of Interest (EOI) exercise by exclusive marketing agent, JLL.
Located at 44 & 46 Changi Road, the property occupies a prominent corner location with excellent main road frontage. The 3,175 sq ft site has a current Gross Floor Area (GFA) of approximately 7,800 sq ft. Under the Master Plan 2014, the site is zoned “Commercial & Residential” use and has a gross plot ratio of 2.8. The property is currently fully leased to ABC Nasi Kandar Restaurant, a 24-hour coffee shop.
Being located within a mature residential estate, the property enjoys high footfall and has immediate access to a large residential catchment.
The property is easily accessible being located just a 10-minute walk away from Paya Lebar and Eunos MRT stations. Public transportation is readily available along Changi Road. Being located in the city fringe, the property is a short 15-minute drive to the Central Business District (CBD). It is also easily accessible to other parts of Singapore via Pan Island Expressway (PIE) and Kallang Paya Lebar Expressway (KPE).
Earmarked by URA as one of the major growth areas in Singapore, the Paya Lebar precinct is undergoing further rejuvenation and redevelopment. Under the Master Plan, the Paya Lebar precinct is poised to be the next commercial hub in line with URA’s larger decentralisation strategy. Over 12 hectares of land, comprising over 5.4 million sq ft of retail, hotel, residential and office developments will be injected into the area. The Paya Lebar Airbase will also be relocated around 2030, freeing up approximately 800 hectares of land. This provides opportunities for the development of new towns and rejuvenation of the surrounding vicinity.
Mr Clemence Lee, Senior Director, Capital Markets, JLL, said: “The subject property presents purchasers with a unique opportunity to acquire a freehold 24-hour coffee shop located in the city fringe that is easily accessible. As this is a non-conserved building, the eventual buyer can improve the property by either doing Asset Enhancement Initiatives (AEI) works or by redeveloping the existing property into a brand new 8,890 sq ft boutique building in the medium to long term. We anticipate strong interest from developers, investors and eventual owner-occupiers including F&B operators, retailers, serviced apartment operators, associations, clubs and family offices.”
He added: “Being strategically situated within close proximity to the Paya Lebar growth precinct, the subject property presents the new owner with an exceptional opportunity to claim a stake in this exciting commercial and lifestyle destination. Increasingly, we have observed investors buying into the Paya Lebar precinct as the area undergoes further rejuvenation. This is evident in the launch of Park Place Residences in Paya Lebar Quarter (PLQ), whereby most of the residential units launched were snapped up by investors. As more new developments are added to the Paya Lebar micro-market, 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 indicative guide price of the site is in the region of $13.5 million, which reflects around $1,730 psf on GFA.
The property will be marketed through an Expression of Interest exercise, which closes on Thursday, 29 November 2018 at 3pm.
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Note to editors:
1. A high resolution photograph of 44/46 Changi Road is available here.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 86,000 as of June 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com