A 4,736 sq ft ground-floor corner unit along East Coast Road currently leased to preschool operator Pink Tower Montessori is up for sale, according to exclusive marketing agent Loyalle Chin of Steward Asia, under PropNex Realty.
City & Country understands the target price is $19.9 million, which translates to some $4,201 psf.
The preschool operator has leased the premises at 252 Tembeling Road since 2010, and the property enjoys approximately 2.3% rental yield. The corner unit with prime frontage is approximately a six-minute walk (400m) from Marine Parade MRT Station, and sits near lifestyle hubs such as i12 Katong.
According to Chin, the unit is suitable for a wide range of approved uses, including commercial schools, medical clinics and healthcare centres, health and wellness services, car showrooms and even cloud kitchens.
“The corner unit enjoys strong human footfall, high visibility and excellent accessibility that directly benefits owner-occupiers and tenants,” says Chin in a March 24 announcement. “Its large floor plate also provides flexibility for reconfiguration or asset enhancement improvements (AEI), allowing investors to adapt the space to future demand.”
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The Katong-Joo Chiat precinct will add approximately 3,082 new condominium units in the coming years. Of this figure, 1,685 are three-bedroom units and above, signalling a “significant influx” of family households, adds Chin. “Such gentrification will benefit commercial schools with a higher student enrolment and demand as a result of the influx of residential population.”
With homes in nearby developments such as The Continuum, Grand Dunman, Tembusu Grand and Emerald of Katong, this reinforces a growing base of affluent residents, driving sustained footfall and long-term demand for commercial and lifestyle offerings in the area, according to Chin.
Corner freehold commercial assets in Katong remain tightly held and highly sought-after, says Chin. “With the continued transformation and residential population growth in East Coast, we are seeing increased interest from both local and foreign investors.”
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With its full commercial zoning, the property is open to foreign buyers and is not subject to additional buyer’s stamp duty (ABSD).
The expression of interest exercise for the unit will close at 3pm on May 26.
Photo: Loyalle Chin/Steward Asia
