Bookmark & Share
Four freehold shophouses at Macpherson Road in Singapore have been put up for sale either individually or collectively via expression of interest (EOI), announced sole marketing agent CBRE on Thursday (12 July).
These consists of an intermediate two-storey shophouse in 514 Macpherson Road, two adjacent two-storey shophouses along 526 and 528 Macpherson Road, as well as a corner two-level shophouse at 534 Macpherson Road.
Zoned residential with ground floor commercial use, each has a gross plot ratio of 3.0 and their height is capped at four storeys. With a combined land area of 6,089 sq ft. or separate plot size of 1,500 to 1,529 sq ft., these units can be intensified to a maximum allowable gross floor area (GFA) of around 18,267 sq ft. in all, or about 4,501 to 4,589 sq ft. individually.
A short walk from Tai Seng MRT station, the properties are currently fully leased, with three of the ground floor units occupied by F&B operators and the fourth rented out to a minimart.
Besides having sufficient parking space along the street in front the units and at a nearby open air public carpark, three HDB blocks next to the properties have been identified for the Housing and Development Board’s (HDB) Selective En Bloc Redevelopment Scheme (SERS).
Moreover, the 93ha Bidadari housing estate that is under construction is merely a short drive away, while the government’s plan to relocate Paya Lebar Airbase by 2030 have a positive impact on the area’s redevelopment potential.
“With excellent main road frontage, the units offer high visibility and existing F&B approvals which are quite rare in today’s market,” said CBRE’s director for capital markets Sammi Lim.
“We expect keen interest from developers, contractors, family offices and private equity funds who are actively seeking well located freehold shophouses to add to their land bank. These shophouses will also appeal to investors seeking income-producing properties for immediate rental income to capitalize on the strong rental upside. With added vibrancy from the upcoming Bidadari Estate and rejuvenation of the Macpherson Estate, potential buyers can expect to benefit from capital appreciation in the medium to long term.”
The EOI exercise for the four shophouses in Macpherson Road will close on 8 August.
Senior Content Producer, Christopher Chitty, edited this story
Related Articles:
Paya Lebar Square office units up for sale
Mapletree buys five Singapore warehouses for $778.3m
Hotels for sale: Investors valuing them at $1.3mil per room
Punggol Digital District to see Singapore’s first Open Digital Platform