Bookmark & Share
A brand new three-storey commercial building at 933 Upper Changi Road North has been put up for sale via expression of interest (EOI) with a guide price of $38 million or about $2,000 per sq ft. Photo: CBRE
A brand new three-storey commercial building at 933 Upper Changi Road North has been put up for sale via expression of interest (EOI) with a guide price of $38 million or about $2,000 per sq ft on the gross floor area, revealed exclusive marketing agent CBRE.
The property occupies a freehold site measuring about 13,561 sq ft and enjoys dual road frontage along Mariam Way and Upper Changi Road North. It has a built-up area of 18,986 sq ft and includes 12 carpark lots.
The site is zoned for “Commercial” use under the 2019 Master Plan with a plot ratio of 1.4. This means foreigners are eligible to acquire the property, with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable.
“Given the lack of immediate retail facilities and amenities in the neighborhood, investors can explore leasing part of the space to an anchor tenant such as a supermarket and other spaces for complementary trades – including health and beauty retailers, childcare facilities, fitness centres and clinics. Alternatively, the building can also be used for offices, commercial schools and associations, subject to approval from relevant authorities,” said CBRE Senior Director of Capital Markets Clemence Lee.
“The property will also be able to capitalize on its proximity to several mega projects such as Changi East Industrial Zone, Changi City and Changi East Urban District. As plans for these mega projects come to fruition, the asset will be well-positioned to benefit from the spillover of commercial activities and allow the incoming owner to enjoy strong capital appreciation in the medium to long term horizon,” he added.
With the successful buyer enjoying potential naming and signage rights to the property, CBRE expects the building to attract strong interest not only from investors, but also from owner-occupiers given its excellent attributes and capital appreciation potential.
The EOI exercise for the building closes on 28 April.