SINGAPORE – CBRE is launching for sale via public tender two freehold ground-floor shop units at Alexis, a six-storey mixed-use development comprising 21 commercial units and 293 apartments located at 356 Alexandra Road.
To be sold on a vacant possession basis, the two ground-floor commercial units have a total gross floor area of 3,068 square feet. They enjoy prominent dual main road visibility along Alexandra Road and Commonwealth Avenue. There is a public basement car park at Alexis which gives added convenience to shop patrons.
The indicative price for the subject property is S$10 million, which works out to approximately S$3,259 per square foot based on the strata area. There will be no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty imposed and the offer is open to locals, foreigners and companies.
Mr Michael Tay, Senior Executive Director, Capital Markets at CBRE opined, “The subject property’s attributes, such as its freehold tenure, ground-floor location and the ‘F&B’ use potential, making it an enticing offer to both investors and end-users. The successful buyer can explore many possible uses – such as food court, restaurant, café, fast-food chain, healthcare and education institutions – for the space, subject to approval from relevant authorities.”
“The indicative per square foot price of S$3,259 is also attractive when compared to the last ground-floor unit transaction at Alexis that changed hands at S$4,452 per square foot four years ago. What’s more, the subject property is poised to benefit further from the scheduled completion of several nearby condominiums in the next three years and the planned 5,000 new public homes in Queenstown by 2027,” added Mr Tay.
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The two shop units at Alexis are conveniently located within 550 meters from Queenstown MRT Station via a sheltered walkway. Other shops at Alexis include enrichment centers, medical clinics, as well as various mom-and-pop shops. Located within the mature Queenstown-Stirling neighborhood, Alexis is well connected to other parts of Singapore via major arterial roads, as well as Ayer Rajah Expressway and the Pan Island Expressway. Nearby landmarks include IKEA Alexandra, Anchorpoint Shopping Centre and Park Hotel Alexandra.
The public tender closes on 10 December 2019 at 3 pm.
This article is contributed by CBRE.