For sale is a ground-floor commercial unit with 27-metre dual road frontage along Greenwood Avenue and Hillcrest Road

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A ground floor F&B property at 2 Greenwood Avenue in prime District 11 is up for sale at a cost of $15 million. The freehold property will be offered in an exercise to express interest and is currently being marketed by CBRE.

The property is located in the highly sought-after Bukit Timah neighborhood located in the prestigious Bukit Timah neighbourhood, the property is the ground floor commercial component of a semi-detached two-storey house. It has excellent street-level visibility because of its 27-metre-long dual road frontage on Greenwood Avenue and Hillcrest Road.

In accordance with the current Master Plan, the entire structure is classified as “residential with commercial at the first storey”. The commercial space is licensed to be used as a restaurant and is currently being leased to an Mediterranean restaurant. It covers a total strata space of 2,670 sq feet.

“Within the entirety of the Hillcrest zone of development in the Bukit Timah area of planning just a tiny fraction of 27 shophouses have been designed to commercial uses on the first floor. In addition, with the URA not giving new F&B approvals in the area, buildings with approval for restaurants are limited,” says Clemence Lee executive director of Capital Markets, Singapore, at CBRE.

So, he anticipates that the property to draw a lot of purchasing interest from both local and foreign buyers with high net worth families, as well as F&B operators. Foreign buyers are eligible to purchase the property and there will not be additional buyer’s or seller’s stamp duty charged upon this purchase.

The new owner has the possibility of subdividing the unit into three separate unitsdue to its large frontage. This will allow owners to rent more units, and thus increase rent, according to Lee.

“Given the dearth of retail and malls in Bukit Timah area, smart investors recognize the huge need for premium restaurant spaces in the region. There isn’t a additional retail outlet that is expected to be built in the vicinity,” he says.