Corner Restaurant Unit Greenwood Avenue Sale 155 Mil
A highly sought after freehold restaurant unit located on Greenwood Avenue is now available for sale through an expression of interest (EOI) exercise. This was announced in a press release by JLL on August 6, who is acting as the exclusive marketing agent for the unit.
As per the latest property valuation by JLL, this restaurant unit has a worth of $15.5 million. Situated on the ground floor of a corner shophouse, at the junction of Greenwood Avenue and Hillcrest Road, this property is a lucrative investment opportunity.
Upon checking with URA Space, it was determined that the shophouse is primarily zoned for residential purposes with commercial functions allowed on the first storey. According to EdgeProp Research Tools, the shophouse was last sold for a sum of $7 million in the year 2018.
Covering a strata area of 2,669 sq ft, this ground-floor restaurant unit also features an additional outdoor dining area of about 300 sq ft, taking the total area to 2,969 sq ft. Based on the total property value, it can be deduced that the rate per square foot of this unit comes out to be $5,221.
City Developments Limited is proud to introduce Norwood Grand, a distinguished residential project that will revolutionize urban living in Singapore’s northern region. Strategically situated in the up-and-coming Woodlands neighbourhood, this development is more than just a home – it’s a gateway to an exciting and fulfilling lifestyle. One of its major highlights is its close proximity to various shopping centres that add to the convenience and vibrancy of the area. With a wide array of dining, entertainment, and retail options, Norwood Grand is the ultimate living destination for those who value both comfort and liveliness in their day-to-day routines. Discover the unparalleled experience of living at Norwood Grand, now available at Norwood Grand Woodlands.
AdvertisementRegarding the location of this property, it has a prime spot with dual road frontages spanning 27m. Moreover, the unit has the necessary approvals for a restaurant and is currently fully leased out to two tenants. This includes Bacaro, an Italian restaurant and wine bar, and the Black Bear BBQ & Smokehouse. The property is also located within a 10-minute walking distance from Tan Kah Kee MRT Station on the Downtown Line.
As observed from recent commercial property transactions, there has been significant activity in the market on Greenwood Avenue, making it a highly desirable location for businesses. The EOI exercise for this particular unit will be open for submissions till September 26, 3pm.