Savills Singapor on October 11 announced that a rare commercial redevelopment property is up for sale by Expression of Interest (EOI). Savills which is the exclusive marketing agent for the sale said the rare commercial development property is right in the heart of Bedok Town Centre, known as Bedok 101.
Bedok 101 is in Bedok Town Centre, within Bedok, the largest HDB town in Singapore with an estimated private and public resident population of more than 300,000. As part of the Remarking Our Heartland initiative by the government, several major rejuvenation projects were undertaken namely the development of Heartbeat@Bedok as well as the Bedok Integrated Transport Hub and Mall. These mega projects improved the infrastructure as well as injected vibrancy into the whole town.
Image credit: Savills Singapore
The rare commercial development property is situated along Bedok North Avenue 3 right at the busy junction with 2 main arterial roads of Bedok Central and Bedok North Street 1.
It enjoys a 30-meter frontage facing the busy Bedok North Ave 3 road with the added advantage of being at a higher ground level to the main road.
The rare commercial development property enjoys good double frontage and healthy footfall especially from the residential HDB flats in the immediate vicinity. In terms of accessibility, the rare commercial development property is well served by major arterial roads, public transport like buses and ample car parking. The Bedok MRT station is just an 8-minute walk away.
Rare Commercial Development Property with much potential for redevelopment in Mature Estate
On a long-term aspect, several asset enhancement options can be considered including a full redevelopment of the site into a commercial scheme with an allowable GFA of about 4,500 sqm, subject to approval from all relevant authorities. Due to its proximity to high human traffic and accessibility to public transport, interested parties can look at major A&A or complete redevelopment of the site to accommodate retail activities, as a corporate HQ as well as an entertainment, education or medical hub.
“This is the only stand-alone commercial redevelopment play located in a heartland locale for sale now. Subject to approval, the property can be envisioned as a coworking hub in the heartlands or a medical or education hub encompassing retail elements. The property has immense potential which can be tapped by the creative and astute investor and derive long term stream of income and reap eventual gains,” Donald Goh, director of Investment Sales at Savills Singapore.
Donald added that with the commercial property market abuzz with activity, the rare commercial development property will interest end-users as well as property investors who are looking for value propositions to ride the uptrend in the sector.
The EOI for the rare commercial development property closes on the 15th November 2018 (Thursday), 3pm.
Earlier reports said that the biggest gainers following the Government’s new property cooling measures will likely be owners of commercial properties.
Paul Ho, the chief mortgage consultant at iCompareLoan said: “Properties such as the rare commercial redevelopment property which us up for sale by Expression of Interest may be bought under personal name, but total debt servicing Total Debt Servicing Ratio (TDSR) will apply on the individual’s income on such purchases. To buy a commercial or industrial property under company name, total debt servicing ratio TDSR also applies on the individual director’s income if the company is an investment holding company or an operating company that is loss-making or does not have sufficient cash flow to servicing the repayment.
“To buy a commercial or Industrial property under company name where the company is well established with an existing operating business with strong financials, TDSR may be waived on the individual. However director is usually required to become personal guarantors of the loan the company undertakes. Hence this may affect the director’s other purchases, such as for buying a residential property, due to the loading from the TDSR for guaranteeing a loan.
Some banks even advertise 100 to 120% loan. This is due to a combination of working capital as well as commercial/industrial property loan, but this only applies to company with strong cash flow position. Commercial property is different from residential property and the considerations are more complex and varied though the payoff may be worthwhile for investors.”
How to Secure a Commercial Loan Quickly
Are planning to purchase a similar rare commercial redevelopment property but unsure of funding? Don’t worry because iCompareLoan mortgage brokers can set you up on a path that can get you a commercial loan in a quick and seamless manner.
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