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The commercial podium has been put up for sale with an indicative price of about $62.5 million or $3,800 per sq ft (psf). Photo: CBRE
A two-storey commercial podium at The Rise @ Oxley has been put up for sale via expression of interest (EOI) with an indicative price of about $62.5 million or $3,800 per sq ft (psf) based on its strata area, revealed marketing agent CBRE.
Enjoying an 80-metre road frontage along Oxley Rise, the commercial podium occupies the first two levels of the 10-storey The Rise @ Oxley. The remaining levels are taken up by 120 residential units that have all been sold.
The podium, which has a total strata area of 16,459 sq ft, has a share value of 28% out of the whole development. It has also been allotted 14 basement carpark lots.
Level 1 features 11 strata units with a total area of 6,276 sq ft. These units come with food and beverage (F&B) use approval as well as F&B provision like floor trap, exhaust duct and waterpoint.
Level 2, on the other hand, has 18 strata units with a total area of 10,183 sq ft. Two of the units also have F&B use approval.
Aside from 3,879 sq ft of space on Level 2 that is leased to a childcare centre, the rest of the units within the podium are being sold with vacant possession.
CBRE noted that the successful buyer “has potential signage rights onto both Clemenceau Avenue and Oxley Rise”, subject to approval from the Management Corporation Strata Title.
“Given that the subject property is being predominantly sold on vacant possession basis, the potential buyer can explore repositioning and curating an exciting tenant mix,” said Clemence Lee, senior director of capital markets at CBRE.
He noted that opportunities to own a freehold street-fronting commercial podium within prime locations are extremely rare.
“At an attractive price of $3,800 psf on strata area, this is an opportunistic buy for investors and owner-occupiers to acquire a well-located freehold commercial podium,” he said.
“Moreover, the vendor is offering an income support of 4% gross yield in the first year to the successful buyer. Given the authorities’ rejuvenation efforts to transform the Dhoby Ghaut precinct into a family-friendly lifestyle zone, the property will also undoubtedly enjoy capital and rental appreciation in the mid-term.”
Both locals and foreigners can acquire the property, with no seller’s stamp duty or additional buyer’s stamp duty payable.
The EOI exercise for the commercial podium closes on 12 March.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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