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A couple of freehold shophouses at 30, 32 & 38 South Buona Vista Road have been offered for sale via expressions of interest (EOI), revealed marketing agent JLL.
The shophouses can be acquired either individually or collectively.
The pair of adjoining two-storey shophouses at 30 and 32 South Buona Vista Road (pictured) are nestled on a land area of 3,212 sq ft.
With a combined floor area of about 6,324 sq ft, the property is offered for sale with existing tenancies. Tenants include popular restaurant Michael’s Bar and Grill at level one and serviced apartment operator The Apato on the second level. A 1,467 sq ft vacant ground floor unit is also available, allowing for immediate occupation by an end-user.
On the other hand, 38 South Buona Vista Road is a corner two-storey shophouse. With a land area of 2,171 sq ft, it has a total floor area of about 4,176 sq ft and is offered for sale with existing tenancies. The property counts upscale café Paddy Hills as a tenant along with The Apato, which runs eight serviced apartments on the second level.
30 and 32 South Buona Vista Road has a guide price of around $12.6 million, while 38 South Buona Vista Road is about $9 million, reflecting a gross yield of around 4.5 percent.
The properties enjoy good street road frontage and are close to Haw Par Villa MRT station.
Zoned residential with commercial at first storey, the properties have a plot ratio of 3.0 under the 2014 Master Plan. Based on the current built-up area, the shophouses “have yet to fully utilise the maximum permissible plot ratio of 3.0”, said JLL.
“Opportunities to acquire freehold shophouses in the city fringe area with yields in excess of four percent are rare in today’s market. 30, 32 & 38 South Buona Vista Road presents the incoming investors with an exceptional opportunity to acquire a strong and stable income-producing asset situated in an affluent locale,” said Clemence Lee, capital markets associate director at JLL.
“We anticipate strong interest from astute end-users and investors such as local family offices and high-net-worth individuals.”
The EOI exercise for the properties will close on 20 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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