Tuesday, June 29, 2010

Savills puts 6 HDB shops up for sale

(SINGAPORE) Real estate consultancy Savills yesterday launched six HDB commercial shops for sale through expressions of interest.

The shops are in the mature estates of Ang Mo Kio, Bedok, Bukit Batok, Yishun and Tampines.

They are rented and operate as substantial eating establishments, with seven to 13 food stalls each plus an anchor drinks stall. They have elastic seating capacity of 200-370 people spread over internal and outdoor areas.

All the shops are close to wet markets and transport nodes, and have good visibility and plenty of public car parking.

Collectively, the six shops have a guide price of about $65 million, reflecting a net yield before property tax of 5.7 per cent. They can be sold as a portfolio or individually, with each shop priced at between $4.8 million and $16 million.

The existing tenancies have four to nine years to run. The net yield before property tax is expected to grow to above 6 per cent in the near term as committed rents are stepped up over the tenancy period.

Expressions of interest close at 3pm on July 21.

Source: Business Times, 29 Jun 2010

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