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A cluster of five freehold shophouses (pictured) along Upper
Bukit Timah Road has been put up for sale by expression of interest
(EOI) according to appointed marketing agents, Jones Lang LaSalle (JLL)
and CBRE.
Located at Nos. 826/A to 834/A (even numbers) Upper
Bukit Timah Road, the two-storey shophouses have a combined land area of
about 10,259 sq ft and an existing gross floor area (GFA) of around
16,377 sq ft.
Currently, the shophouses can be used for mixed
commercial and residential use, and can be enhanced through “Additions
& Alterations” by renovating the ground floor shop units while
reconfiguring the current residential space on the upper level.
The
properties can also be redeveloped into a residential project since the
site is zoned “residential” with a plot ratio of 2.5 under the 2008
Master Plan. The development charge (DC) for a residential development
has already been paid up to a total GFA of around 27,848 sq ft. Hence,
redeveloping the site for residential use to the same GFA would no
longer entail any DC payment.
The site is near various schools
and is accessible via the Kranji Expressway and Bukit Timah Expressway
as well as major arterial roads including Woodlands Road and Bukit Timah
Road.
The shophouses are owned by an investment holding company
which expects offers from S$26 million to S$27.5 million. This
translates to a psf price of S$933 to S$987 over the approved
residential GFA or S$1,102 to S$1,163 over the approved mixed
commercial-residential GFA with the “Additions & Alterations”
option.
The EOI exercise for the shophouses will close on 28 November.
Image source: JLL and CBRE
Nikki De Guzman, Junior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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