Singapore Property | Orchard Road and Tampines foodcourts up for sale
The foodcourt in Tampines (above) has space for about 10 stalls and, currently, there is an outdoor refreshment area, as well as living quarters. The total area is about 3,800 sq ft. The one in Midpoint Orchard has a strata floor area of 2,648 sq ft and space for about four stalls. PHOTOS: KNIGHT FRANK SINGAPORE
Mar 8, 2016, 5:00 am SGT
A foodcourt in Orchard Road and one in Tampines are up for sale by expression of interest.
A foodcourt in Midpoint Orchard with a strata floor area of 2,648 sq ft has a guide price of $11 million to $12 million. It has space for about four stalls.
"The foodcourt is situated in close proximity of major shopping malls and offers local fare at affordable prices," marketing agent Knight Frank said yesterday.
It is tenanted at $25,000 to $30,000 a month until the end of this year, while maintenance fees are about $3,400 a month.
The other foodcourt is next to Tampines West Community Club, within a HDB eating house at Tampines Street 81. It has space for about 10 stalls, and there is currently an outdoor refreshment area, as well as living quarters. The total area is about 3,800 sq ft.
The guide price for the property is $17 million to $18 million.
It has a balance lease of about 70 years. It is tenanted at $50,000 to $55,000 a month for both eating house and living quarters till April next year.
The eatery is popular with the neighbouring schools and churchgoers; it is within walking distance to St Hilda's Primary School and St Hilda's Secondary School and Lighthouse Evangelism church, Knight Frank said.
Ms Mary Sai, executive director of investment and capital markets at the firm, said the last sale of a HDB coffee shop was at Bukit Batok for $31 million in the middle of last year . "These two foodcourts for sale will appeal to both investors and coffee shop owners as they are well-located, with high footfall and large catchment areas."
The expression of interest for both properties will close on March 23 at 3pm.