A shophouse with two retail units located at 26A & 26C Lorong Mambong together with their adjacent front and rear land parcels (the “Properties”), have been put up for sale via an Expression of Interest exercise by Cushman & Wakefield, the appointed exclusive marketing agent for the Properties.
Lorong Mambong is within the prime and affluent Holland Village lifestyle precinct in District 10 and is at the heart of the precinct’s main commercial enclave, which houses a vibrant mix of trendy restaurants, cafes and sports bars within its charming shophouses – popular with both local and expat communities. The site is easily accessible with its strategic and convenient location, with Holland Village MRT Station a mere three-minute walk away.
Holland Village has also been earmarked by the Urban Redevelopment Authority (URA) as a growth precinct with plans for more pedestrian walkways, a new community park, as well as an upcoming mixed-use development – One Holland Village. The rejuvenation of the precinct will breathe fresh life into the locality with the introduction of new upscale and luxurious residences, offices and retail spaces.
The Properties to be divested have a total strata area of about 1,840 sq ft while the adjacent land parcels at the front and rear have a combined land area of approximately 1,020 sq ft. The first floor unit has been approved for “Restaurant” use and its adjacent land parcels may be leased out as outdoor refreshment areas for patio dining use. The indicative price for the properties is $13.8 million.
Mr. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, says “This is an opportunity not to be missed as freehold commercial properties within District 10 are rare and few. Given the URA’s plans for the precinct and the anticipated completion of new developments in the immediate vicinity, the properties will likely appeal to investors seeking prime assets with tremendous potential for capital appreciation and rental upside.”
Foreigners are eligible to purchase the properties and Additional Buyer’s Stamp Duty (ABSD) is not applicable.
The Expression of Interest exercise closes on 05 March 2020 (Thursday), at 3.00pm.