A portfolio of 11 leased-out restaurant and retail units, including well-known occupants like Springleaf Prata and Ayam Penyet President, are for sale. These units comprise a collective space of 9,537 square feet with individual units ranging from 614 to 3,724 square feet. Additionally, there’s a basement car park spanning 10,775 square feet on offer.
The retail section, known as The Venue Shoppes, was completed in 2017 and is part of a larger complex that also holds The Venue Residences, with its 266 homes. It includes 28 retail spaces on the ground floor, classified for either shop or restaurant use, along with an 82-lot car park.
Its location is highly accessible, being situated at the corner of Upper Serangoon and Macpherson Roads. The Venue Shoppes is just a short trip from downtown and it’s easy to reach by car due to its proximity to major highways such as the PIE, CTE, and KPE. The Potong Pasir MRT station is also mere minutes away by foot.
The property benefits from its position in the populous Potong Pasir area, with nearby residential and industrial neighbourhoods providing a consistent flow of people. Nearby schools add to the daily traffic in the area.
Sophia Lim,Director, Investment Sales & Capital Markets at Savills Singapore, suggests that with thousands of new residents expected to move into the nearby Bidadari estate, The Venue Shoppes can expect a surge in visitors. She highlights this as a unique chance to acquire commercial properties with the promise of immediate rental income and potential for long-term growth in value.
Alaric Yeo, Senior Manager, Capital Markets at JLL, points out that community-centric food and retail spaces remain robust investments due to shifting consumer habits and the popularity of working from home. These assets, sought after for their resilience, have a distinct advantage as they don’t depend on tourist numbers for their success. There is expected to be strong interest from investors and business owners looking to become part of this bustling community.
Interested buyers can purchase these strata assets either individually or as a whole. The starting price for the commercial units on the ground floor is $2.72 million. The entire collection of restaurant and retail units is priced at $40.77 million, while the car park’s price is available upon inquiry. The sale is open to both foreign and local corporate buyers, with no extra taxes for buying or selling imposed.
