153, 155 Kitchener Road and F&B/Retail Unit at Thomson Plaza
Singapore, August 14, 2017 - Cushman & Wakefield has been appointed as the marketing agent for the sale of the commercial shophouse on 153 & 155 Kitchener Road and a F&B/retail unit at Thomson Plaza shopping mall.
153 & 155 Kitchener Road
With a site area of approximately 2,879 sf and a total floor area of about 8,175 sf, the freehold property is a newly refurbished two-storey conservation building with a brand new six-storey rear extension.
“153 & 155 Kitchener Road is a unique investment opportunity as freehold conservation commercial shophouses located within a historic precinct and near an MRT is extremely scarce in Singapore. Investors will also not have to incur initial capital expenditure given that the property has just gone through a facelift. Furthermore, the property has approval for F&B use on the ground floor, which makes it a particularly attractive asset for investors looking to acquire a commercial property for value-enhancement or yield generation through the introduction of new concepts; or end-users seeking to use the entire building for their own operations.” – Mr. Shaun Poh, Executive Director, Capital Markets
The shophouse is located on the City Fringe, along Kitchener Road and within the vibrant “Jalan Besar Conservation Area”, which is home to several hotels such as Parkroyal on Kitchener Road, Park Hotel Farrer Park and One Farrer Hotel & Spa. An eclectic mix of established popular restaurants and trendy cafes are located in the vicinity including the Michelin-starred Putien restaurant, Si Chuan Dou Hua, Antoinette, The Bravery and Swee Choon Dim Sum.
The site’s prime location has high foot traffic, with good catchment of shoppers from nearby residences as well as spill over pedestrian traffic from neighbouring retail malls such as City Square Mall and Mustafa Centre. The area is also frequented by both tourists and locals visiting the popular Little India district.
The property is within 5 minutes’ walking distance to Farrer Park MRT Station on the North East MRT Line and the upcoming Jalan Besar MRT Station on the Downtown Line. It is also connected to the main arterial roads such as Serangoon Road and Kitchener Road, leading into the city centre.
153 & 155 Kitchener Road has an asking price of $19.8 million and the property will be sold with vacant possession.
The Expression of Interest exercise for 153 & 155 Kitchener Road will close on 12 September 2017 (Tuesday) at 3.00pm.
F&B / Retail Unit in Thomson Plaza
The property is a single strata unit located on the ground floor of Thomson Plaza, a well-established suburban shopping centre that is located in the heart of Upper Thomson residential enclave. The mall opened in 1979 and comprises three levels of retail stores and a basement carpark. The unit, which has 58 years remaining out of the 99-year leasehold tenure, has a strata area of approximately 13,993 sf.
“It is a rare opportunity to secure a prime ground floor unit in an established retail mall and the unit’s existing use as part restaurant could appeal to end-users looking to acquire space for a F&B business. Furthermore, the investment does not require payment of Additional Buyer Stamp Duty (ABSD) and Seller’s Stamp Duty (SSD), the overall capital expenditure will be lower, which is a definite bonus. Foreigners are also eligible to purchase the property.” – Mr. Shaun Poh, Executive Director, Capital Markets
The retail unit is in a popular shopping mall that has healthy occupancy rates and strong anchor tenants such as Fairprice Finest, Popular Bookstore, DBS Bank, Sushi Tei, Paradise Inn and Kopitiam.
Thomson Plaza enjoys high foot traffic and a large shopper catchment from the private and public residences in the vicinity. It has excellent accessibility with daily shuttle services from Marymount MRT Station on the nearby Circle Line. It is also minutes away from the upcoming Upper Thomson MRT Station on the future Thomson-East Cost line, which is slated for completion in 2020.
The seller is seeking $39 million for the property which is currently leased to two tenants.
The Expression of Interest exercise for this F&B/retail unit will close on 21 September 2017 (Thursday) at 3.00pm.
For further information, please contact:
Executive Director, Capital Markets
Executive, Marketing & Communications
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.