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A corner 24-hour coffee shop (pictured) along Changi Road has been put up for sale via an expression of interest (EOI) with a guide price of $13.5 million, revealed marketing agent JLL.
This works out to $1,730 psf based on its gross floor area of 7,800 sq ft.
Located at 44 & 46 Changi Road, the freehold property sits on a 3,175 sq ft site zoned for commercial and residential use under the 2014 Master Plan with a gross plot ratio of 2.8.
Currently, the property is fully leased to 24-hour coffee shop ABC Nasi Kandar Restaurant.
Occupying a prominent corner location with main road frontage, the property is close to the Paya Lebar and Eunos MRT stations and a short drive to the Central Business District. It also enjoys easy access to other parts of Singapore via the Kallang-Paya Lebar Expressway and Pan Island Expressway.
JLL capital markets senior director Clemence Lee expects the property to receive strong interest from investors, developers, eventual owner-occupiers including retailers, F&B operators, associations, serviced apartment operators, clubs and family offices.
“Being strategically situated within close proximity to the Paya Lebar growth precinct, the subject property presents the new owner with an exceptional opportunity to claim a stake in this exciting commercial and lifestyle destination,” he said.
Since it is a non-conserved building, the new owner can upgrade the property either by conducting Asset Enhancement Initiative (AEI) works or by redeveloping it into a new 8,890 sq ft boutique building.
“As more new developments are added to the Paya Lebar micro-market, the new owner can expect to enjoy capital and rental upside from the urban regeneration and the gradual transformation of the area in the mid-to-long term.”
The EOI exercise for the property closes on 29 November.
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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