Two freehold commercial units in East Coast up for sale for S$23.8m guide price

TWO freehold ground-floor adjoining commercial units at East Gate on 46 East Coast road are up for sale via expression of interest (EOI).

In a press statement on Monday (Feb 28), Savills said the guide price for the units is S$23.8 million, which translates to approximately S$3,685 per square foot on the strata area.

The property has a total strata area of 6,358 square feet and represents 11 per cent of the total share values in freehold office building, East Gate, the exclusive marketing agent noted.

The area is currently fully leased to healthcare and supermarket tenants and comes with permanent "restaurant" approval, Savills said.

Foreigners and companies are eligible to purchase the property as it is approved for "commercial" use. There is no additional buyer's stamp duty or seller's stamp duty imposed on the purchase, the agent added.

The units, located at East Gate, are walking distance away from shopping malls i12 Katong and Parkway Parade. The property will also be in close proximity to the upcoming Marine Parade MRT station.

Yap Hui Hee, the senior director of investment sales and capital markets at Savills Singapore said contiguous units, such as this property, gives the purchaser the flexibility to explore different uses. She believes that such assets are sought after because purchasers are given the freedom to be creative in restoring the space and repositioning the retail uses.

"Sizeable retail assets are also very limited in supply, and it is often more appealing to anchor tenants who are looking to operate different concepts in the same unit," she added.

The EOI exercise ends on Mar 28, 2022 at 3 pm.