A freehold suburban retail podium at Tedge has been relaunched for sale at an indicative guide price of $13.88 million, or about $2,490 psf on strata area, down from the previous guide price of $18 million in 2023.
The asset, marketed exclusively by CBRE via an expression of interest (EOI) exercise closing at 3pm on April 8, comprises four adjoining ground-floor strata retail units with a combined strata area of approximately 5,576 sq ft.
Completed in 2023, Tedge is a five-storey freehold mixed-use development with 42 residential units above the retail podium, all of which have been fully sold.
The commercial component includes a food and beverage (F&B) unit, a bakery takeaway unit and two shop units. The podium is fully tenanted and therefore provides buyers with immediate rental income.
The development occupies a prominent corner plot with 75m of dual frontage along the junction of Changi Road and Telok Kurau Road, providing strong visibility along a high-traffic arterial corridor.
As a commercial property, the units are open to foreign buyers and corporate purchasers, with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable.
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Clemence Lee, executive director, capital markets, Singapore at CBRE, says: “Given the scarcity of boutique freehold retail podiums that are priced at a palatable investment quantum of under $15 million, we expect strong interest from a wide range of investors that may include corporate investors, family offices, high-net-worth-individuals, retail operators, and owner occupiers who are seeking resilient income-generating assets.”
Lee adds that subject to approvals, investors could explore converting the existing shop units into restaurant use to command higher rents or amalgamating the units into a larger contiguous space to “unlock the asset’s rental and capital potential”.
Located within the Bedok planning area, the asset draws from a sizeable residential catchment, including nearby landed housing enclaves and high-density estates. It is also within walking distance of Eunos and Kembangan MRT Stations and accessible via the Pan-Island Expressway and East Coast Parkway, which enhances its connectivity to the CBD and Changi Airport.
The asset is being marketed exclusively by CBRE via an EOI exercise, which closes at 3pm on April 8.
