Three retail shops in some of the most-sought after areas in Singapore have been launched for sale by Expression of Interest.
According to Knight Frank, the two shops are located in HDB estates in Tampines and Ang Mo Kio whilst the other is a private shop in Joo Chiat.
The one situated in Tampines Street 91 is a corner coffee shop with living quarters. The shop spans a ground floor space of 4,058 sq ft, as well as living quarters of 786 sq ft on the second storey.
The shop has an outdoor refreshment area that has been approved to create an extended dining area and currently comprises 10 food stalls and one drink stall.
Knight Frank Investment and Capital Markets Executive Director Mary Sai said this kind of site are crowd pullers and are actively sought after by both investors and food operators.
"The last transaction of a coffee shop in the vicinity was at Block 829 Tampines Street 81, which changed hands for S$14.55 million in April 2016. As such, the vendors for the subject property hope to achieve offers of between S$14 million to S$16 million for the property," Sai said in a statement.
Meanwhile, the other HDB estate shop is at Block 709 Ang Mo Kio Avenue 8. The shop is expected to see a good amount of traffic due to it being at the heart of the Ang Mo Kio Town Centre.
The said HDB estate retail site spans 1,636 sq ft, comprising a ground floor shop space of 893 sq ft
and living quarters of 743 sq ft. The site has a price tag of around S$5.5 million to S$6 million.
On the other hand, the private shop for sale next to Joo Chiat Complex is a ground floor strata retail unit with an accompanying basement. Being an area along the main stretch of Changi Road, the site records a high number of footfalls. It has a floor area of 3,207 sq ft, with the owner expecting about S$6.5 million for the space.
Sai noted that despite the current headwinds the retail market is facing, well-managed shops in better locations can still bear the brunt of competition from smaller shops in the neighbourhood.
"As all the 3 shops are tenanted and in good locations, they will appeal to investors looking for recurring income," she said.