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The property, which is currently leased to international preschool Maplebear, also has a driveway and front porch to facilitate pick-up and drop-off.
A freehold standalone commercial property at 1 Jalan Taman, St Michael’s Place has been put up for sale via an expression of interest (EOI) exercise, revealed marketing agent JLL.
Situated near Boon Keng MRT station, the property has a total combined gross floor area (GFA) of about 12,800 sq ft over four storeys. Each floor features common areas such as a lift lobby, corridor and restrooms.
The property, which is currently leased to international preschool Maplebear, also has a driveway and front porch to facilitate pick-up and drop-off.
Facing Serangoon Road, the property is a 10-minute walk away from Geylang Bahru, Boon Keng and Potong Pasir MRT stations and is easily accessible via the Central Expressway (CTE) and Pan Island Expressway (PIE).
“Investors have always liked the growth and stability of education businesses. This ‘stand-alone’ city-fringe freehold commercial property with approved childcare use, offers a good investment opportunity to astute investors who understand the property’s unique site attributes for top international preschools,” said JLL Senior Director for Alternatives (Asia Capital Markets) Noeleen Goh.
“The current tenant is on a four plus four plus four year lease term, with upward rental growth at each renewal.”
She added that the property’s close proximity to the Potong Pasir and Bidadari housing estates is also expected to translate to “robust pre-school trade fundamentals, thereby enhancing capital appreciation”.
And since it is zoned commercial, foreigners are allowed to acquire the property with no Seller’s Stamp Duty (SSD) or Additional Buyer’s Stamp Duty (ABSD) payable.
The EOI exercise for the property closes on 23 May.
Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email fiona@propertyguru.com.sg
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