CBRE, as the exclusive advertising representative, is very happy to present the selling of a two-storey business podium in the upswing @ Oxley. The purchase is by means of Expression of Interest that will close on 12 March 2020 at 3 pm.
All residential units are completely sold.
Commanding high visibility with a few 80-meter street frontage along Oxley Rise, the two-storey business podium includes a entire strata region of 16,459 square feet along with also a share worth of 28% from the whole improvement. It’s allotted 14 cellar carpark lots. For official Forett At Bukit Timah floor plan pdf, project details, showflat appointment to be obtained by your registration.
Every one these units comprise high floor-to-floor ceiling of 5 meters and have the infrequent’F&B’ use acceptance and complete F&B provisions like waterpoint, flooring snare and exhaust duct. The 18 strata units on Level 2 have a entire area of 10,183 square feet plus a floor-to-floor ceiling of 3.6 meters. Two of those units have got acceptance for’F&B’ use.
Besides 3,879 square feet of space on Grade 2 which are leased to a proven childcare centre, the remaining units at the industrial podium should be offered with vacant possession. Subject to approval in the MCST, the powerful purchaser has possible signage rights on both Clemenceau Avenue and Oxley Rise.
Mr Clemence Lee, Senior Director of Capital Markets, CBRE, states,”Given that the subject land has been mostly sold on vacant possession basis, the possible buyer can research repositioning and curating an exciting tenant combination. For example, Level 1 may be transformed to a stylish F&B enclave including wine bars, cafes, bistros or specialization dessert stores. Meanwhile, the subject to applicable authorities’ acceptance, there may be a vast selection of applications for the units Level 2 — specifies throughout offices, industrial schools, showroomsand fitness facilities or medical-related companies including aesthetics, dentistry, and chiropractic. There’s a prepared catchment in the local industrial buildings, residential developments, and educational institutions.”
Through time, some noteworthy business podium trades comprise the Grade 1 commercial podium in Thong Teck Building which transacted at S$29 million (S$4,560 per square foot) at April 2019, Level 1 commercial podium in Holland Road Shopping Centre which changed hands at S$61 million (S$4,976 per square foot) at September 2016, along with the Level 1 and two retail podium in Centrium Square which transacted at S$135 million (S$4,967 per square foot) at July 2016.
Mr Lee adds,”Opportunities to have a freehold street-fronting business podium in prime places are really rare. In an attractive cost of S$3,800 per square foot on strata place, this can be an opportunistic purchase for investors and owner-occupiers to obtain a well-located freehold commercial podium. In addition, the seller is offering income assistance of 4 percent gross return at the initial year to the successful purchaser. Given that the government’ rejuvenation attempts to change the Dhoby Ghaut precinct to a family-friendly lifestyle zone, the land will also definitely enjoy capital and leasing appreciation from the mid-term.”
Both locals and foreigners are entitled to buy the subject real estate, without the imposition of the Added Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD). The home is a brief five-minute driveway to both the Central Business District and Orchard Road. It’s also readily accessible to other sections of Singapore via major expressways like Ayer Rajah Expressway, Central Expressway and East Coast Park Expressway.
The property can be situated near some mature but wealthy residential neighborhood comprising largely landed homes.