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A pair of two-storey shophouses at 355 & 357 Jalan Besar (pictured) have been launched for sale via an expression of interest (EOI) exercise with a price tag of $14.3 million, or $2,344 psf on the gross floor area.
Currently leased to a single tenant, the property sits on a combined land area of about 3,066 sq ft. The site is zoned commercial under the 2014 Master Plan with a plot ratio of 3.0.
Marketing agent CBRE noted that while the freehold property has a gross floor area of about 6,100 sq ft, conservation guidelines allow for new rear extensions of up to six storeys, subject to the relevant authority’s approval. As such, there is potential to raise the current gross floor area to 9,198 sq ft.
Located within the Jalan Besar Secondary Conservation Area, the property is 300m away to Bendemeer MRT station and an eight minutes’ drive to the CBD. Prominent landmarks within the area include the upcoming Sturdee Residences, the newly completed ARC 380 as well as City Square Residences and City Square Mall.
CBRE capital markets director Sammi Lim noted a significant pick up in shophouse activities in recent months, “with an increased interest for quality shophouse assets for mid- to long-term investment”.
“This is evident from the sale of two Jalan Besar development sites for $13.8 million in June 2018, located just 300m from 355 & 357 Jalan Besar,” she said.
With its high visibility, the buyer of the shophouses will be able to maximise the property’s value “for potential uses including F&B, corporate offices, co-working space, showrooms, educational centres or commercial schools, medical and healthcare centre, fitness centre, and associations”, added Lim.
Since it is a commercial property, both local and foreign buyers can participate in the EOI exercise, which closes on 14 November, with no Additional Buyers’ Stamp Duty (ABSD) or Sellers’ Stamp Duty (SSD) payable.
Photo: CBRE
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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