FOR SALE BY EXPRESSION OF INTEREST A RARE CORNER TWO-STOREY HDB SHOPHOUSE WITH PROMINENT MAIN ROAD FRONTAGE AT TOA PAYOH CENTRAL
PR Newswire
5 min read
SINGAPORE, Sept. 11, 2024 /PRNewswire/ -- Brilliance Capital is pleased to launch for sale a corner 2-storey HDB Shophouse with prominent main road frontage located in the heart of Block 177 Toa Payoh Central via Expression of Interest at a guide price of S$5.88 million.
FOR SALE BY EXPRESSION OF INTEREST A RARE CORNER TWO-STOREY HDB SHOPHOUSE WITH PROMINENT MAIN ROAD FRONTAGE AT TOA PAYOH CENTRAL
Previously a swampland consisting of kampungs, Toa Payoh is the first satellite town planned and built by HDB in the 1960s. Over the years, Toa Payoh has undergone various makeovers, including a comprehensive rejuvenation in the 1990s under the Estate Renewal Strategy, which saw refurbishment of the Toa Payoh Town Park. In 2002, Toa Payoh residents welcomed Singapore's first fully air-conditioned bus interchange integrated with the MRT station. In 2005, Singapore's first 40-storey HDB blocks were built in the town.
Probably not known to many, Toa Payoh is a town of many firsts, other than the abovementioned, it was here where the very first international mass sporting event held in Singapore - the 7th SEAP Games in 1973. Some interesting ones are:
First HDB town & flat to be visited by Queen Elizabeth II
First air-conditioned POSB Bank
First NTUC Supermarket
First Neighbourhood Police Post
Rejuvenation plans have also been carefully crafted to preserve the charm and heritage of the pioneer town - National Heritage Board launched the Toa Payoh Heritage Trail in 2014 and added 2 more sites in 2023. The refreshed trail now covers 29 heritage sites and 10 heritage trail markers. For example, there is an Arts and Heritage Corner within the Town Centre where it features storyboards about the history of the town planning for Toa Payoh, and how it went from swampland to a satellite town. Heritage markers are installed to commemorate significant people, events, or places, such as the iconic Dragon Playground that has been preserved in its original location despite upgrading in the area.
Other Toa Payoh's iconic landmarks that are well-known to people include the Toa Payoh Sports Hall, Toa Payoh Swimming Complex, Toa Payoh Lorong 8 Market & Food Centre, Toa Payoh Methodist Church, The Chung Hwa Medical Institution, etc.
Also in 2023, SportSG together with National Healthcare Group Polyclinics, National Parks Board and the National Library Board announced that a new integrated development is set to be completed by 2030. Known as the "Distinctively Toa Payoh!" project, this initiative by the authorities is envisioned to be an extension of Toa Payoh Town Centre to serve the residents in the central region. It will be a lifestyle destination with community facilities and space. A Regional Sport Centre, a Polyclinic, a new Public Library and a rejuvenated Regional Town Park are being planned on the 12-ha land parcel located between Lorong 6 Toa Payoh and PIE.
The subject property comprises a 635 sq ft (approximately) commercial unit on the ground floor and a 710 sq ft (approximately) residential unit on the upper floor. This 78-year leasehold property has approximately 46 years remaining on its lease. It stands out as a corner unit where it features a double frontage with a front measurement of about 8.3 meters. These attributes provide flexibility and the potential to maximize rental income through further subdividing the units or converting them to alternative uses, subject to relevant authority approvals.
Surrounded by HDB housing estates and located strategically within a few minutes' walk to the HDB Hub, Toa Payoh MRT station, and Toa Payoh Bus Interchange, there is also sheltered access to the MRT Station (Exit C) from the HDB block. And for block 177 itself, it houses a diverse range of establishments & prominent brand names like Tai Wah Pork Noodles, King of Fried Rice, Kimage Hair Salon, including popular F&B outlets like Larder Cafe (operating there since 2016) & Soi Thai Kitchen.
The unit's ground level is currently tenanted and this will appeal to investors looking for ready income. Available for sale with tenancy, it is providing stable recurring income for the investment. The upper level is currently being used by the owners which could be available for lease, offering additional income potential for investors.
This is a rare opportunity for investors, given the limited supply of around 8,500 privately-held HDB shophouses, particularly those located in prime locations with high footfall within town centers. And with the resilience of heartland retail has also been proven especially during the previous pandemic, such attributes support their ability to command strong rental income and potential for capital appreciation. As the HDB shophouses are treated akin to commercial property, foreign buyers & companies are eligible to purchase the property.
Brilliance Capital is the sole marketing agent for this Expression Of Interest Exercise.
The Expression of Interest closes on 24 October 2024, Thursday at 3.00pm.
Note to editors: 1 high-resolution photograph of 177 Toa Payoh Central is enclosed.
About Brilliance Capital Pte. Ltd.
Brilliance Capital is a boutique real estate consultancy that provides advisory and agency services covering commercial and industrial investments, residential sales, and leasing services of all asset classes. Brilliance Capital is the brainchild of Sammi Lim – an extension of herself and her dedication in helping clients buy, sell, lease their properties, especially for corporates, institutional funds, ultra-high net worth individuals and private family funds that aim to diversify into real-estate investments.
