and Macpherson Interchange station

JCube JCube Residence is set to close in August to make way for a 40-storey JCube Condo Residence, with residential and commercial space, linked to Jurong East MRT, Westgate and other amenities. Property analysts anticipate pent-up demand for the upcoming JCube Condo Residence and other residential launches.

Singapore’s commercial shophouse prices in the Central Business District (CBD) have seen a sharp increase, averaging to between $5,000 and $6,000 per square foot. However, for fringe areas, the average price is much lower at $3,000 per square foot. Mary Sai, the executive director of capital markets from Knight Frank Singapore, has pointed out that even strata commercial space in the CBD has hit record prices, soaring above $4,000 per square foot.

As an alternative to the expensive commercial space, local buyers have been advised to choose HDB shophouses. Sai noted that these were a viable option for local investors who were not looking to invest in strata spaces or shophouses. Unlike foreign buyers, Singaporeans could purchase shophouses with living quarters on the upper floor. This presented the additional advantage of buyers stamp duty being slightly lower compared to pure residential units.

In line with this, Knight Frank Singapore is the exclusive marketing agency for a portfolio of four HDB shophouses owned by a company who acquired them more than five years ago. These can now be purchased either individually or collectively, through private treaty.

Two of the shophouses are located near the Macpherson and Mattar precincts, at 88 Circuit Road. These are within walking distance of the Macpherson Interchange station and Mattar MRT station, making them ideal for potential tenants. Furthermore, Macpherson Community Centre, the main market and food centre are also in close proximity.

The two units occupy a total floor area of 1,184 square feet and are two-storeys. The bottom levels are occupied by businesses such as minimarts and hardware stores, while the upper levels are residential. The buildings have 76-year leases from April 1, 1993, with 45 years remaining. They are priced at $2.65 million each.

The other two HDB shops are located at Hougang Avenue 1, with one unit being at Blk 102 and the other at Blk 108. The unit at Blk 102 occupies a strata area of 1,001 square feet and is single-storey, with tenants such as an apparel shop, a hair salon and an optical store.

The shophouse at Blk 108 is two-storey, with living quarters above. It covers a larger strata area of 1,571 square feet. The bottom level is tenanted to a laundromat and a hair salon, while the upper level is a residence. This unit has a 88-year lease from 1995, with 59 years remaining. It has an asking price of $3.4 million.

Sai believes that these HDB shophouses will be attractive for local investors, especially given the location and the increased stability of rental income. Furthermore, their price tags of $2.65 and $3.2 million are significantly lower than the conservation shophouses currently priced from $4.5 million.