East Coast Road Commercial Bldg Available For S$23.5mil
SINGAPORE – A 5-storey commercial property along 143 East Coast Road has been put up for sale via an expression of interest (EOI) exercise with an indicative price of S$23.5 million, reported The Business Times on Wednesday morning (19 January, SGT).
Marketing agent PropNex said the guide price of the freehold commercial building, which comes with a full glass frontage, works out to S$2,350 psf, based on its built-up area of around 10,000 sq ft, which exclude four parking lots.
At present, the commercial property is leased to international school 5 Steps Academy. This provides the new owners with an “attractive stable yield,” noted the real estate agency.
Under the 2019 Master Plan, the site is zoned for commercial use. This means overseas buyers and companies are permitted to acquire the asset, and no additional buyer’s stamp duty (ABSD) is payable.
Situated across I12 Katong shopping centre that reopened last month following refurbishment, the commercial building is just a stone’s throw away from the Marine Parade MRT Station on the future Thomson-East Coast Line.
The building “presents an attractive opportunity” for real estate investors looking for a full commercial property along East Coast Road, noted Loyalle Chin, Associate Group Division Director at PropNex Realty.
Chin thinks that the commercial building would be attractive to ultra-high net worth individuals and family offices thanks to the asset’s location, where freehold commercial buildings rarely become available and there is robust demand for such properties.
“With liquidity at an all-time high and investors sentiment shifting towards commercial with attractive yield play, we anticipate strong contenders for this freehold building gem,” added Chin.
The EOI exercise for the freehold commercial property in 143 East Coast Road shall close at 3pm on 3 March 2022.