Keong Saik Road commercial unit with 999-year leasehold tenure for sale at $4.1 mil
Its long tenure, central location and flexible commercial uses may support investor interest, while the expiring tenancy could attract owner-occupiers or repositioning buyers.
A tenanted 999-year commercial unit at 2A Keong Saik Road is offered at $4.1 million, equivalent to $3,559 psf, via EOI.
Body
A commercial unit at 2A Keong Saik Road has been launched for sale through an expression of interest (EOI) exercise with a guide price of $4.1 million.
The 999-year leasehold property is a walk-up unit located on the second floor of a four-storey commercial development. It has a floor area of about 1,152 sq ft, comprising a main lot of around 1,001 sq ft and a stairway of approximately 151 sq ft.
Based on the total floor area, the guide price translates to $3,559 psf.
The unit is currently leased, with the existing tenancy due to expire towards the end of this year, according to Brilliance Capital, which is marketing the unit. As a result, the buyer has the flexibility to continue the tenancy for rental income or take back the unit for their own use or repositioning, added Sammi Lim, the firm’s founder and executive director.
Read also: Six freehold shop units at Balestier Point launched for tender sale from $1,715 psf
“Beyond its immediate rental income, the property's commercial zoning allows for a wide range of alternative uses, from wellness and fitness concepts to private dining, retail and creative studios, subject to approval from the relevant authorities,” she said.
The property is a three-minute walk from Maxwell MRT Station on the Thomson-East Coast Line, while Outram Park MRT Station — an interchange for the East-West, North-East and Thomson-East Coast lines — is also within walking distance.
According to Lim, investor interest in the Keong Saik and Duxton enclave has remained strong, supported by the area’s vibrant mix of retail, dining and hospitality concepts, alongside cultural landmarks such as the Sri Layan Sithi Vinayagar Temple and the Buddha Tooth Relic Temple.
Along Keong Saik Road, the latest commercial transaction based on lodged caveats occurred in June, when a freehold shophouse occupying 1,258 sq ft of land changed hands for $16 million.
Before that, the most recent transaction was in December 2022, when another freehold shophouse fetched $17 million.
The EOI will close at 3pm on Oct 6.