Changi Road strata commercial apartment with basement for sale at $8.3 million

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A commercial ground floor unit strata-titled with basement is up for sale for $8.3 million. The property will be sold through the form of an expression of Interest (EOI) procedure. CBRE will be the only agent for marketing.

The unit is located in the corner shophouse that is three stories high on 40 Changi Road. The basement unit can be accessed via an external door located at the back of the shophouse or via the ground floor unit.

The ground floor unit has an exterior street frontage of 30m as well as a gross floor space of 1,948 sq feet. The basement area is 1,259 sq feet. This means that the estimated cost for the property amounts to $2,588 per sq ft for the strata total area of 3,207 square feet.

According to CBRE it provides the new owner the opportunity for leasing out this property to two tenants. The basement and ground floor are fully leased to an retailer.

“The property is strategically located right in the middle of Geylang Serai, within walking distance to The Paya Lebar commercial hub and the regenerated Joo Chiat Road area. With a significant population of workers and residents in the region The property is a popular destination for visitors all day long,” says Joshua Giam the executive director, capital market Singapore at CBRE.

The agent adds that as it’s commercial strata-titled foreign buyers can be eligible to buy the property without any additional tax or buyer’s duty on the transaction. “We have noticed a significant demands from family office as well as wealthy individuals who are looking for freehold commercial properties. With the property’s appealing size in a highly accessible location, as well as the possibility that the buyer to immediately earn rent, the property is sure to attract a lot of potential buyers.” Giam says.

The EOI deadline is August 29.