Two F&B strata retail spaces in East Village will be sold for a total of $10.4 million, or $5.3 million per property
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Two retail units in the strata of East Village in Bedok are being offered for sale at $10.4 million. In a press release that announced the sale Savills Singapore, the marketing agent, claims that the units are available for purchase in pairs or individually. The suggested price for the unit is $5.3 million.
The units on the ground floor are fully F&B approval. They are situated near the mall’s entrance. Only 12 out of the 108 retail units located at East Village have F&B approval According to Savills.
These units will be sold in conjunction with existing tenancies that have dedicated entrances, which give tenants the freedom to work outside the mall’s regular operating hours. Each unit comes with an area of 969 square feet which includes an en-suite bathroom.
East Village is an open-air shopping mall that is freehold situated on Upper Changi Road. The mall was built in the year 2014, and it is a four-storey mixed-use project that houses 108 stores on the ground level and 90 apartments on the top floors. There is a carpark in the basement and a nearby open-air carpark.
Yap Hui Yee, executive director of capital markets and investment sales at Savills Singapore, says: “Within the Bedok-Upper Changi region there are just three malls that are strata-titled: East Village, Bedok Shopping Complex and Eastwood Centre. East Village, completed in 2014 and with freehold tenure is the most recent development.”
She continues, “Given the palatable quantum and the scarcity of freehold land in this sought-after Bedok location These two top units in East Village presents an enticing opportunity for investors to buy to diversify their portfolios.”
She anticipates a strong interest in buying in the two strata units to be received from both end-users and investors. They will be sold via an exercise of expression of interest which will close on July 20th.