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Six strata-titled commercial units at Jalan Taman for sale with S$25m guide price
SIX strata-titled commercial units at 1 Jalan Taman are up for sale collectively by expression of interest with a guide price of S$25 million, exclusive marketing agent Tristar Properties said.
The units are also available for sale individually, with prices for each unit ranging from S$2.35 million to S$5.95 million.
The six units, which range in size from 1,216 square feet (sq ft) to 2,852 sq ft, are located within a four-storey commercial podium at residential and commercial development St Michael's Place. If bought collectively, the combined strata size will be about 12,788 sq ft.
The property is zoned for commercial use, and the six units have approval for childcare use. The property is tenanted to an established preschool operator, Tristar Properties said.
It added that the commercial podium, which faces Serangoon Road, has a dedicated surface drop-off and pick-up point and "ample" basement parking lots.
St Michael's Place is located in District 12, within a city fringe residential enclave along Serangoon Road. It is accessible via two expressways, and is within walking distance to three MRT stations and bus stops, Tristar Properties said.
Tristar Properties associate director Edwin Yip said the property presents "an opportunity for investors to acquire a rare educational asset which offers a resilient tenancy with long-term rental growth".
The location has a large catchment of young families, which will result in strong demand for childcare services, led by growth from the redevelopment of the neighbouring Potong Pasir/Sennett estates and the upcoming development of the Bidadari housing estate, Mr Yip said.
He also noted that there has also been an increase in demand for childcare services as more parents are working from home amid the Covid-19 outbreak.
"The asset is sold with a tenancy which will give investors certainty of income," Mr Yip said. "Coupled with a coveted freehold status, there will also be strong potential for long-term capital appreciation."
Foreigners are eligible to purchase the property. No additional buyer's stamp duty or seller's stamp duty is applicable.
The expression of interest exercise closes on Nov 5 at 1pm.