SINGAPORE – CBRE, as the exclusive marketing agent, is pleased to present the sale of a two-storey commercial podium at The Rise @ Oxley. The sale is by way of Expression of Interest which will close on 12 March 2020 at 3 pm.
Located at 71 Oxley Rise, The Rise @ Oxley is a 10-storey mixed-use development that comprises the commercial podium on the first two levels and 120 residential units on the remaining levels. All residential units have been fully sold.
Commanding high visibility with some 80-meter road frontage along Oxley Rise, the two-storey commercial podium has a total strata area of 16,459 square feet and a share value of 28% out of the entire development. It is allotted 14 basement carpark lots.
There are 11 strata units on Level 1 which have a total area of 6,276 square feet. All of these units feature high floor-to-floor ceiling of 5 meters and come with the rare ‘F&B’ use approval and full F&B provisions such as waterpoint, floor trap and exhaust duct. Meanwhile, the 18 strata units on Level 2 have a total area of 10,183 square feet and a floor-to-floor ceiling of 3.6 meters. Two of these units have obtained approval for ‘F&B’ use.
Apart from 3,879 square feet of space on Level 2 that are currently leased to an established childcare center, the rest of the units in the commercial podium are to be sold with vacant possession. Subject to approval from the MCST, the successful buyer has potential signage rights onto both Clemenceau Avenue and Oxley Rise.
Mr Clemence Lee, Senior Director of Capital Markets, CBRE, says, “Given that the subject property is being predominantly sold on vacant possession basis, the potential buyer can explore repositioning and curating an exciting tenant mix. For instance, Level 1 can be transformed into a trendy F&B enclave featuring wine bars, cafes, bistros or specialty dessert shops. Meanwhile, subject to relevant authorities’ approval, there can be a wide range of uses for the units on Level 2 – spanning across offices, commercial schools, showrooms, fitness centers or medical-related businesses such as aesthetics, dentistry, and chiropractic. There is a ready catchment from the nearby commercial buildings, residential developments, and educational institutions.”
The indicative price for the subject property is in the region of S$62.5 million, which works out to approximately S$3,800 per square foot on the strata area.
Over the years, some notable commercial podium transactions include the Level 1 commercial podium at Thong Teck Building which transacted at S$29 million (S$4,560 per square foot) in April 2019, Level 1 commercial podium at Holland Road Shopping Centre which changed hands at S$61 million (S$4,976 per square foot) in September 2016, and the Level 1 and 2 retail podium at Centrium Square which transacted at S$135 million (S$4,967 per square foot) in July 2016.
Mr Lee adds, “Opportunities to own a freehold street-fronting commercial podium in prime locations are extremely rare. At an attractive price of S$3,800 per square foot on strata area, this is an opportunistic buy for investors and owner-occupiers to acquire a well-located freehold commercial podium. Moreover, the vendor is offering income support of 4% gross yield in the first year to the successful buyer. Given the authorities’ rejuvenation efforts to transform the Dhoby Ghaut precinct into a family-friendly lifestyle zone, the property will also undoubtedly enjoy capital and rental appreciation in the mid-term.”
Both locals and foreigners are eligible to purchase the subject property, with no imposition of the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD). The property is a short five-minute drive to both the Central Business District and Orchard Road. It is also easily accessible to other parts of Singapore via major expressways such as Ayer Rajah Expressway, Central Expressway and East Coast Park Expressway. Dhoby Ghaut and Somerset MRT stations are also within walking distance.
Notable commercial developments in the area include Park Mall, Regency House, Vision Crest Commercial, House of Tan Yeok Nee and 9 Penang Road. The property is also located close to a mature but affluent residential neighborhood comprising predominantly landed houses. Several educational institutions such as Singapore Management University, LASALLE College of the Arts, YMCA Education Centre, Amity Global Business School, Kaplan City Campus and the Nanyang Academy of Fine Arts are situated nearby.
This article is contributed by CBRE Realty.