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A prime freehold two-storey conservation shophouse building along Tanjong Katong Road has been put up for sale by Expression of Interest (EOI), marketing agent CBRE announced today (2 September).
Located at 370/370A Tanjong Katong Road, just after the Bournemouth Road, the property offers a land area of 1,484 sq ft and its current gross floor area is approximately 2,478 sq ft. Zoned Residential with Commercial at the 1st storey, the property comes with a gross plot ratio (GPR) of 3.0.
Surrounded by landed houses in the Goodman/Mountbatten vicinity, the building is accessible via major arterial roads and expressways, and is served by buses that connect to Dakota and Paya Lebar MRT Stations.
Sammi Lim, Associate Director, Investment Properties, CBRE said “This is a rare opportunity that is being offered to the market on a vacant possession basis. This provides vast flexibility to the buyer, allowing them to explore various options for the property, whether for owner occupation or investment,” adding that the freehold status of the property enhances its appeal to the market.
“The latest valuation conducted in early this year reflects a price of $5 million. Based on the valuation price, this works out to $2,017 per square foot over gross floor area. Boutique shophouses have seen keen interest among buyers who are looking to create an iconic building of their own through alteration and addition works. At an attractive price quantum, we expect strong interest for the property from an extended pool of buyers,” he added.
The EOI exercise will close on 7 October.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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