HDB commercial strata unit in Bedok North going for $24 mil

A commercial strata unit at 215 Bedok North Street 1 is on the market for $24 million, with CBRE as the exclusive marketing agent. The unit, on the second floor of a two-storey commercial building, has a strata area of 16,178 sq ft and the indicative guide price works out to $1,483 psf on the strata area. Companies and foreigners can purchase the subject property with no additional buyer’s or seller’s stamp duty imposed on the sale. “These types of commercial HDB assets with large floor plates in mature neighbourhoods are scarce and have strong leasing demand from various tenant profiles, including schools, agencies and offices,” says Michael Tay, head of capital markets, Singapore, at CBRE. He adds the unit is currently leased to Singapore Pools Betting Centre, offering an attractive investment opportunity with an established tenant. Located in the Bedok Town Centre precinct, the unit is near various neighbourhood amenities, including Bedok Market and Hawker Centre, Bedok Public Library and Kampong Chai Chee Community Centre. It is also close to the Bedok Integrated Transport Hub, which includes Bedok Mall on New Upper Changi Road, an air-conditioned bus interchange and a connection to the Bedok MRT Station on the East-West Line. Advertisement Tay also says the unit for sale offers "an opportunity for investors seeking defensive acquisitions with accretive yield potential". Situated in a mature HDB hub undergoing rapid rejuvenation, it stands to benefit from the development of new HDB flats and private condominiums like Sky Eden @ Bedok, located at Bedok Central, within a three-minute walk of the Bedok integrated transport hub and amenities. The area attracts young, affluent residents, benefiting the asset by positioning it for flexible mid- to long-term leasing. Footfall is also supported by nearby business hubs like Changi Business Park and ESR Biz Park @ Chai Chee. The HDB unit will be sold through an expression of interest exercise that closes on July 10.