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Two freehold retail spaces within the Paya Lebar Central vicinity have been put up for sale by expression of interest (EOI), marketing agent Knight Frank said Wednesday (4 March).
The properties include an entire basement unit of 26,533 sq ft at Grandlink Square, and eight adjoining strata shops of 8,805 sq ft on the ground floor of Grandview Suites.
Located at the 8-storey mixed development, Grandlink Square, the basement unit is currently tenanted to several operators including a wellness centre, a family karaoke, a pool hall and a gaming arcade. It comes with an indicative price of S$40 million, which translate to about S$1,508 per sq ft.
GrandlinkSquare
According to Knight Frank, the property is ideal for operations that require generous space, such as healthcare, supermarket, food court, enrichment centre, commercial school among others.
Meanwhile, the strata shops being sold will be part of Grandview Suites, a 5-storey residential development with commercial units on the ground floor which is expected to be completed in 2016. It is to be located at the junction of Aljunied Road, Lorong 22 Geylang and Geylang Road.
Artist’s impression of Grandlink Square
Mary Sai, Executive Director of Investment & Capital Markets, said: “These retail units enjoy very high visibility as it is located at the junction where the traffic from Guillemard Road meets Aljunied Road. With the proposed plans to rezone Geylang Lorong 4 to 22, from “Residential/ Institution” to “Commercial/ Institution” taking place, we envisage the entire landscape along Geylang will changed substantially, potentially transforming the area into an equivalent of SoHo in London. It presents an exceptional opportunity for strategic investors or owner-operators to acquire a rare asset with potential strong rental returns and capital appreciation from future rejuvenation of the area.”
The units are to be sold together and have an asking price of S$30 million or about S$3,407 per sq ft.
The EOI exercise for these units will close on 2 April, while that for the Grandlink Square basement unit will close on 9 April.
Image source: Knight Frank
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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