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Two strata ground floor shophouse units, and a two-storey refurbished corner shophouse will be placed on auction on 29 July, Colliers said in a press statement Monday (13 July).
Located off Upper East Coast Road, 1 and 1B Figaro Street property comprises two commercial strata units—with separate titles—on the ground floor in a row of two-storey shophouses. The shophouse units, which come with floor areas of 2,203 sq ft and 1,560 sq ft respectively, are offered with a 9,999-year leasehold tenure beginning June 1966.
The units have an indicative price of S$6.9 million or approximately S$1,833 per sq ft.
Meanwhile, the freehold two-storey corner shophouse located at 362 Tanjong Katong road sits on a 2,025 sq ft site and offers a total floor area of approximately 3,800 sq ft. Zoned Residential with Commercial on the 1st storey, the ground floor unit is currently leased to a restaurant; of which the temporary permission for change of use to “restaurant” will expire in August 2016.
The indicative price for the shophouse is S$6.6 million, which works out to S$3,259 per sq ft based on the land area.
“A corner conservation shophouse unit that also enjoys prominent dual road frontage is rarely made available for sale; and at such a competitive asking price, we are optimistic that the subject property will greatly appeal to investors,” said Grace Ng, Deputy Managing Director of Colliers International.
Under the conservation guidelines, a rear extension of up to four storeys is allowed on the shophouse.
The properties are jointly marketed by Colliers International and Historical Land.
Image: 1 and 1B Figaro Street shop units. (Source: Colliers)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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