Hougang HDB shophouse for sale at $3.5 million
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Two-storey HDB shophouse located at 698 Hougang Street 61 will be auctioned off in the upcoming auction organized by Singapore Realtor’s Inc (SRI) on September 28. A sale by the owner, the property will go under auction at an auction starting cost at $3.5 million.
The property is comprised of a total area of 1,690 square feet which translates the price to $2,071 per square foot. It is a 99-year leasehold property that comes with an outstanding lease term of 60 years. It has a 1,001 square feet of commercial space on the ground floor. On the second level, 689 sq feet of residential space is lease to an individual tenant.
The shophouse is part of an estate that is 37 years old Hougang Spring estate. The neighborhood and the adjacent HDB estates on Hougang Avenue 8 form a established residential area that is home to numerous schools, community facilities, and the ability to access an MRT station.
About 500m away from the block located approximately 500m from the block is just 500m away is the Hougang Sports Centre that includes an athletics hall, swimming facility and a stadium. It also offers easy accessibility for Hougang MRT Station, which is part of the North-East Line, which will be used as an interchange point for the planned Cross Island Line from 2029.
EdgeProp Singapore’s Landlens tool lists three schools that are within the 500m radius of Hougang Street 60 –– Montfort Junior School, Montfort Secondary School and Yio Chu Kang Primary School. Other schools that are within 1km of this block include Xinmin Primary School Hougang Primary School as well as Punggol primary school.
Based on the census of population that was compiled by Landlens around 90% of Hougang Spring residents are homeowners, and the remaining 10% is comprised of tenants and commercial shop owners.
Eric Liew, manager (auction) at SRI and also the marketing agent to sell the storehouse states that the huge number of residents who live in the area as well as the proximity to several schools create regular footfall which supports commercial enterprises.
The HDB shophouse is also an exceptional investment opportunity to those looking for portfolio diversification. Liew says that the asking price attracts newbies looking to make the most of the long-term rental gains from this kind of asset.