A two-storey HDB shophouse at Block 81 Marine Parade Central is on the market for $3.88 million, according to a press release by ERA Singapore. The property will be sold via an expression of interest (EOI) exercise.
The property consists of a retail space on the first floor with living quarters above. In total, it has a gross floor area (GFA) of about 1,506 sq ft, reflecting a price of about $2,576 psf. The shophouse is on an 83-year lease that started in April 1993, with about 51 years remaining.
The retail space features 50m of frontage along Maring Parade Central, providing good visibility to pedestrians coming from the nearby Marine Parade MRT Station along the Thomson-East Coast Line.
The last HDB shophouse sold at Block 81 fetched $2.98 million or $1,963 psf based on an estimated floor area of 1,518 sq ft, in July 2022.
Other retail and hospitality options in the area such as Parkway Parade, Parkway Centre, Holiday Inn Express Katong and Grand Mercure Roxy Hotel provide a steady stream of visitors to the area.
“With only about 8,500 units available island wide for private ownership and with no new supply, HDB shophouses have proven to enjoy rental resilience and capital preservation over time,” says Donald Goh, director of capital markets and investment sales at ERA.
“The asking price of $3.88 million is also manageable for most investors and end-users. Hence, we expect strong interest from local investors looking for well-located properties.”
The EOI exercise will close on June 17.
