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A HDB coffee shop (pictured) with living quarters at Tampines has been put up for sale by public tender, said marketing agent Jones Lang LaSalle.
It has a strata floor area of about 4,844 sq ft, most of which is on the ground floor with the smaller living quarters on the second level. Approval has also been given for an additional outdoor refreshment area of around 969 sq ft.
The property is owned by a family and is currently tenanted until 2015. Location-wise, the shop has good road frontage onto Tampines Street 91 and is within walking distance to the upcoming Tampines West MRT station.
Karamjit Singh, Head of Investments and Residential at Jones Lang LaSalle, said the property is a rare acquisition as “there are a limited number of coffee shops being transacted, partly due to the relatively low supply of such properties”.
“We understand that although this property has living quarters attached to it, HDB’s prevailing policy is that properties of such nature are sold or tenanted out as a commercial property under a single title. Purchasers are not limited to Singaporeans or Singapore Permanent Residents (PRs). Foreigners or companies may also purchase the property,” he added.
The sellers are expecting between S$10 million to S$12 million for the space.
“Investors who are interested in a stable investment would find it a worthwhile buy. If managed well and with a bit of repositioning, the property could be a quality asset with a steady income stream and yet have potential for rental appreciation,” noted Singh.
The tender exercise will close on 26 September.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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