Retail shops in Toa Payoh up for sale

A row of retail shops in Toa Payoh Central was put for sale by tender, according to real estate company Savills.

In a statement on Monday (July 7), Savills said the property has a strata area of about 5,780 square feet and is located next to the HDB Hub. It also has a remaining lease of about 57 years from the Housing and Development Board (HDB). The company is the exclusive marketing agent for the property.

Popular brands like Watsons, Hang Ten, StarHub and Hock Hua are among tenants in the property. It expects “immense competition for the property due to its location and rarity”, according to the statement.

Savills added that “the defensive nature of this investment also bodes well for the current volatile investment climate”. The tender closes at 3pm on August 12, the company said.

Agnes Tay, director and head of Commercial at Savills, said: “This property is strategically located at the central of Toa Payoh, so we are expecting not only investors, but also end-users, retailers, to consider this option.

“So we are expecting, we are calling for an asking price of S$65 million. We actually are looking forward to good competition for this property.”

Source : Channel NewsAsia – 7 Jul 2014

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