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The indicative price works out to around $944 per sq ft based on the 8,632 sq ft proposed GFA for the properties.
A pair of corner shophouses at 24 and 26 Moonstone Lane has been launched for sale as a bundle, carrying an indicative price of $6.6 million, reported The Business Times citing marketing agent CBRE.
With a combined existing built-up area of around 4,628 sq ft, the two-storey shophouses are nestled on freehold site with total area of around 2,877 sq ft.
The properties are zoned “Residential” with commercial on the first floor under the 2019 Master Plan and have a gross plot ratio of 3.0. They also have a building height limit of up to six storeys.
As such, CBRE believes the shophouses could be redeveloped into a mixed-use development project with a total maximum allowable gross floor area (GFA) of around 8,632 sq ft, subject to the approval of relevant authorities.
The indicative price works out to around $944 per sq ft based on the 8,632 sq ft proposed GFA for the properties.
Subject to authorities’ confirmation on the development baseline, CBRE estimates that the development charge payable in order to maximise the site’s plot ratio is around $1.6 million.
With the central business district less than a 10-minute drive, the site is slightly more than 500 metres away from the Potong Pasir MRT station.
“Compared to shophouses located in the conservation areas, shophouses such as the subject property that are located in non-conservation areas will give the buyer more flexibility in redevelopment options,” said Clemence Lee, senior director of capital markets at CBRE.
The buyer can also benefit from the strong capital appreciation of the property over the medium term, considering the vision of URA to transform areas along Kallang river into a lifestyle hub.
Lee added that the shophouses will also be near two growing neighbourhoods within the vicinity – Kallang Whampoa and Bidadari – which are expected to house 13,000 new housing units by 2023.
Interested parties can submit their offers by 11 March.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg