Freehold commercial building at East Coast Road up for sale at S$23.5m guide price

A FREEHOLD commercial building located at 143 East Coast Road has been put up for sale via expression of interest (EOI) with a guide price of S$23.5 million, sole marketing agent PropNex said on Wednesday (Jan 19).

The indicative guide price of the 5-storey property translates to S$2,350 per square foot (psf) based on the estimated built-up area of 10,000 square feet (sq ft), excluding 4 car park lots.

The property with full glass frontage is currently leased to international school 5 Steps Academy, which provides the property an "attractive stable yield", according to PropNex.

Under the Urban Redevelopment Authority's Master Plan 2019, the area is zoned for commercial use, which indicates that foreigners and companies can purchase the property with no additional buyer's stamp duty (ABSD) payable.

The building is located across the I12 Katong shopping mall, which recently reopened in December 2021 after an asset enhancement initiative. It is a short walk from the new Marine Parade MRT station on the upcoming Thomson-East Coast Line, said PropNex.

PropNex Realty's associate group division director Loyalle Chin said that the building "presents an attractive opportunity" for investors seeking a full commercial property in East Coast Road.

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The director believes that family offices and ultra-high net worth individuals will be particularly interested in such an opportunity given its location, where he observed a scarce supply and high demand for freehold commercial buildings.

"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," Chin said.

The EOI exercise for 143 East Coast Road will close on Mar 3, 2022 at 3 pm.