HDB shophouse units in Bras Basah and Lavender up for sale at $13.4 mil
The portfolio’s existing tenancies, prominent locations and potential rental upside may attract income-focused investors and support demand for Singapore’s approximately 8,500 privately held HDB shophouses.
Four fully tenanted HDB shophouse units in Bras Basah and Lavender are offered individually or collectively for $13.4 million through an EOI closing Sept 9.
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A portfolio of four HDB shophouse units, fully tenanted and located in Bras Basah and Lavender, are available for sale through an expression of interest (EOI) exercise.
They can be acquired either individually or collectively, said the exclusive marketing agent, CBRE. Together, the combined price tag stands at $13.4 million, across a total strata area of about 6,609 sq ft.
Two of them are fully commercial, corner units sitting within Bras Basah Complex at 231 Bain Street. The guide price starts from $9.8 million for these two assets.
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One is on the ground floor of the shopping centre, measuring 1,916 sq ft, with prominent frontage facing Raffles Hotel and is currently tenanted to a Korean minimart.
The other is on the second floor, with dual frontage and directly beside the staircase. Spanning 2,777 sq ft in strata area, this unit is currently leased to a language school.
Over in the Lavender area are two adjacent ground-floor HDB shophouse units at 803 King George’s Avenue, with a guide price from $3.6 million.
They have a combined strata area of about 1,916 sq ft and are currently leased to a cafe-gallery concept.
In an Aug 12 release, CBRE noted that the surrounding precinct has been rejuvenated in recent years and is now home to a growing cluster of lifestyle cafes and fitness centres.
The property along King George’s Avenue is within walking distance to Lavender MRT Station and has ample parking lots in the vicinity.
Read also: HDB shophouses in Toa Payoh and Kovan up for sale at $5.5 mil and $5.3 mil
Michael Tay, CBRE deputy managing director and head of capital markets, Singapore, noted that the portfolio of four units, being fully tenanted, could provide incoming owners with resilient income streams and potential for rental upside.
Tay added that there are only about 8,500 privately held HDB shophouses in Singapore, and the “defensive nature” of such investments appeal to those seeking stable income-generating opportunities.
Joshua Giam, the firm’s director of capital markets, Singapore, said that the price quantum is “palatable” and offers investors the opportunity to enhance returns through rental upside and to potentially subdivide the existing space to accommodate additional tenants.
Subject to the relevant authorities’ approval, these HDB shophouse units may also be suitable for a range of alternative units such as F&B, fitness centres, medical clinics and co-living, among others, Giam added.
He expects “strong interest” from both individual investors and portfolio buyers, given the strategic locations, prominent frontages and potential for value enhancement.
The EOI exercise closes on Sept 9 at 3pm.
Read also: Rare trio of Hougang HDB shophouses hits market for $10.2 mil
Check out the latest listings for Bras Basah, Lavender properties