A corner HDB shophouse located at Block 177 Toa Payoh Central has been listed for sale with a guide price of $5.88 million through an expression of interest (EOI) exercise. This two-storey shophouse boasts a prime location in the bustling Toa Payoh Central and comes with a 78-year leasehold tenure, with 46 years remaining.
The ground floor of the shophouse spans over 635 sq ft while the residential unit on the upper level measures 710 sq ft. Its double frontage of 8.3m and corner unit status offers flexibility and potential for maximizing rental income through further subdivision or alternative use with relevant authority approvals. This was stated by Sammi Lim, the founder and executive director of Brilliance Capital, who is the sole marketing agent for the property.
The guide price works out to be $5.88 million, and the shophouse is currently surrounded by HDB housing estates. The area is well connected with the HDB Hub, Toa Payoh MRT Station on the North-South Line, and the Toa Payoh Bus Interchange all within a few minutes’ walking distance. The MRT station is also accessible from the HDB block.
Foreign buyers and companies are eligible to purchase the property as HDB shophouses are categorized as commercial properties. This presents a unique opportunity for investors looking for immediate returns through stable recurring income, as the ground floor unit is currently tenanted and can be sold with tenancy. The upper level is currently being used by the owners, but can also be leased out by the future buyer.
The EOI exercise will close on Oct 24 at 3 pm.
Another shophouse unit, located on the ground floor of a two-storey shophouse at 21 Kalidasa Avenue, is also up for sale with a guide price of $3.9 million. The property is up for sale through expression of interest exercise and has a 999-year leasehold tenure. The shophouse is positioned on a land area of 1,625 sq ft, which is permissible for “residential with commercial at first storey” use.
There is an expectation of $2,400 psf for the total floor area, and the strata titled unit is currently leased to a pet shop offering daycare and grooming services. Moreover, the property provides opportunities for further developments and subdivisions as evident by the commercial caveats lodged with URA.
When contemplating an investment in a condo, it is crucial to also evaluate its potential rental yield. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can vary significantly depending on factors such as location, property condition, and market demand. Generally, areas with a high demand for rentals, such as those near business districts or educational institutions, tend to offer more favorable rental yields. In order to gain a better understanding of the rental potential of a specific condo, it is beneficial to conduct thorough market research and seek guidance from real estate agents. Additionally, considering options such as condos can also provide valuable insights into potential rental income.
The Teacher’s Housing Estate is a private landed housing enclave positioned near the junction of Yio Chu Kang Road and Upper Thomson Road in District 26 and consists of 256 terrace houses. It was created in the late 1960s by the Singapore Teachers’ Union, and a block of double-storey shophouses was added in the 1970s to cater to the needs of the residents.
It was changed hands in April 2018 for $2.13 million, at $1,310 psf on the strata area. The marketing of the property is being handled by Richard Tan and Wilkie Tay, who are the directors of PropNex Shophouse Elites. The EOI will end on Oct 16 at noon.