HDB coffeeshop at Choa Chu Kang on sale for S$10.8M, a rare listing in nearly 30 years

SINGAPORE: A Housing and Development Board (HDB) coffeeshop at 253 Choa Chu Kang Avenue 1 has been put up for sale with a guide price of S$10.8 million. The coffeeshop was launched for sale in November last year with a guide price of S$11 million, although no deal was made.

The coffeeshop covers a strata area of about 2,450 sq ft and has eight food stalls and one drinks stall. It also comes with an outdoor refreshment area of around 560 sq ft for extra seating. The lease began in 1994, leaving about 67.5 years on the tenure.

It is located within Keat Hong Shopping Centre, a two-storey HDB commercial complex with dual frontages along Choa Chu Kang Avenue 1 and Avenue 2. The centre has been a familiar dining and retail spot for over 38,000 residents in the Keat Hong area for over 30 years, EdgeProp Singapore reported.

The property is within walking distance of South View LRT Station, about 350 metres away, and about 450 metres from Choa Chu Kang West MRT Station, which is still under construction.

Sophia Lim, Director of Capital Markets at Cushman & Wakefield, the exclusive marketing agent for the sale, said HDB coffeeshops have become some of the most tightly held assets in Singapore, with limited availability and strong end-user demand, as no new supply has been released to the private market since 1998.

The property is open for sale by Expression of Interest until Dec 4. Foreigners and companies are eligible to purchase, with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable. /TISG

Read also: ‘Their margins are paper thin’: KF Seetoh speaks out for hawkers and coffeshops amid ‘ridiculous’ rental hikes, high gas prices, and rising cost of living