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With a total existing built-up area of about 3,960 sq ft, the two-storey shophouses occupy a 2,380 sq ft site within the Joo Chiat Secondary Settlement Conservation Area and enjoy a 10-metre frontage along East Coast Road. Image: CBRE
A pair of freehold shophouses at 425 and 427 East Coast Road has been put up for sale via expression of interest with an indicative price of $7.8 million.
This works out to about $1,092 per sq ft on the 7,140 sq ft maximum allowable gross floor area, revealed sole marketing agent CBRE.
It noted that the development charge payable to maximise the plot ratio stands at around $3 million, subject to the confirmation of authorities and DC rates review every March and September.
With a total existing built-up area of about 3,960 sq ft, the two-storey shophouses occupy a 2,380 sq ft site within the Joo Chiat Secondary Settlement Conservation Area and enjoy a 10-metre frontage along East Coast Road.
The freehold site is zoned for “Residential with Commercial at 1st Storey” use under the 2019 Master Plan with a gross plot ratio of 3.0.
CBRE noted that the property can be redeveloped into a mixed-use development with a building height of up to five storeys, subject to the approval of relevant authorities.
Currently, 425 East Coast Road’s ground floor is approved for F&B use, said Clemence Lee, Senior Director of Capital Markets, Singapore at CBRE.
With URA more stringent in granting F&B approvals, Lee expects the property to attract “keen interest from end-users such as F&B operators, or developers and contractors who are seeking such occasional opportunities that are also of palatable sizes”.
He also expects the property to appeal to family offices and private investors on the “lookout for well-located freehold shophouses to preserve their wealth”.
Lee added that the buyer can expect to benefit from the property’s “strong capital appreciation over the medium term – given the upcoming Marine Terrace MRT station on the Thomson East-Coast Line that is about 400 meters away and which will be completed by 2023”.
The two shophouses are being sold collectively, with interested parties invited to submit their offers by 31 March.
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