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Another childcare-related site for sale; EOI exercise at S$14.8m guide price
A SECOND childcare-related space is up for sale this week, with consultancies calling such assets "rare".
The site located at 331 Yio Chu Kang Road is for sale via expression of interest (EOI), with exclusive marketing agent Knight Frank expecting offers in excess of S$14.8 million for the property. (see clarification note)
The 999-year leasehold land plot spans a site area of about 10,851 square feet (sq ft) and a gross floor area of 19,431 sq ft, Knight Frank said in a statement on Tuesday. A three-storey building with a basement sits on the plot.
It is located in the Sengkang area - the youngest residential estate in Singapore with around 66,000 households where 60 per cent of residents are aged below 45, the marketing agent said.
Under the prevailing Master Plan, the site is zoned "residential" with a gross plot ratio of 1.4. It was previously approved for use as a commercial school, students' hostel and nursing home.
The childcare centre-approved site is available for sale with vacant possession, and the purchaser has the option of continuing operations as a childcare centre.
Sharon Lee, Knight Frank Singapore head of auction and sales, said standalone sites as childcare centres are rarely available for sale.
"Potential purchasers who are keen to join or continue this line of business can save the hassle of having to go through a tedious application process, as the site is in a readily operational state as a childcare centre," she added.
Ian Loh, Knight Frank Singapore head of capital markets for land and building, collective and strata sales, said childcare centres are an essential service which provides crucial educational stimulation and care that is particularly of help to the young adult working community.
"With its close proximity to a young estate like Sengkang, we expect very strong interest for this opportunity," he added.
The EOI exercise for 331 Yio Chu Kang Road closes on Nov 5, 3pm.
The property is the second childcare-related space up for sale in two days. On Monday, six strata-titled commercial units with approval for childcare use were put up for sale collectively by EOI with a guide price of S$25 million.
Located at 1 Jalan Taman, the property is tenanted to an established preschool operator. It also sits in an area with a large catchment of young families.
Tristar Properties associate director Edwin Yip called the property a "rare education asset" which offers a resilient tenancy with long-term rental growth.
Clarification note: Marketing agent Knight Frank has clarified that it is the site which the childcare centre sits on which is being sold and not the childcare business itself.