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Two ground floor commercial shop units in the Siglap neighbourhood has been put up for sale by public tender, marketing agent CBRE announced Wednesday (15 October).
Located at 1 and 1B Figaro Street (pictured), the units come with a 9999-year leasehold tenure. Both units are zoned for commercial use, which allows both local and foreigners to purchase with no Additional Buyers’ Stamp Duty (ABSD) and Sellers’ Stamp Duty (SSD) imposed, CBRE noted.
The agency noted that both the units are owned by related parties and are being offered for sale by tender together. The units will be sold with existing tenancies.
The units come with a guide price of S$8 million, and based on this, CBRE said investors can expect a return in excess of 3.5 per cent.
“We anticipate strong participation in the tender. The 9999-year leasehold tenure is akin to freehold, and freehold commercial shop units are very highly sought after by investors. Further, shop units with full F&B approval are extremely scarce, in light of the 7 October 2014 announcement that the URA and LTA are adding seven additional shophouse areas where new eateries are not allowed to be set up.” said Galven Tan, Director, Investment Properties at CBRE.
Tender exercise for both units will close on 28 November.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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