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With a combined site area of around 1,217.7 sq m (about 13,107 sq ft), the shophouses have a total gross floor area of 1,637.5 sq m (about 17,626 sq ft).
Seven adjoining shophouses at 296 to 308 Lavender Street (even-numbered lots only) have been put up for sale via expression of interest (EOI) with a guide price of $60 million, revealed sole marketing agent Edmund Tie.
This works out to $1,526 per sq ft (psf) based on the proposed total gross floor area (GFA) of 39,322 sq ft.
With a combined site area of around 1,217.7 sq m (about 13,107 sq ft), the shophouses have a total gross floor area of 1,637.5 sq m (about 17,626 sq ft).
They are zoned residential with commercial at first storey under the 2019 Master Plan with a plot ratio of 3.0 and maximum allowable GFA of 3,653.1 sq m or about 39,322 sq ft.
Edmund Tie noted that all the ground floor units have been approved for food and beverage (F&B) use.
It added that URA has granted an outline planning permission for a change of use to serviced apartment at similar plot ratio. Rear extension of up to six-storeys can also be allowed since the shophouses are situated in the Jalan Besar Secondary Settlement Conservation Area.
The property is strategically located at the city fringe, about 350 metres from Bendemeer MRT station and a short drive to the Orchard Road as well as the Central Business District.
Prominent landmarks within the precinct include Aperia Mall, CT Hub, City Square Mall and Mustafa Centre. Edmund Tie expects the upcoming completion of nearby residential estates like Towner Crest and Kempas Residences to contribute to higher footfall in the area.
The region is also set to benefit from on-going developments at nearby Kallang River, which is set “to become a lifestyle hub with a mix of offices, hotels, retail and entertainment facilities”.
Tan Chun Ming, Executive Director of Investment Advisory at Edmund Tie, said the shophouses used to be part of a portfolio of nine assets to be liquidated and sold via a tender process in 2010.
“The site was originally affected by the tunnel reserves, limiting the potential development of the site. However, this restriction was removed over the years and since then, the current owner has received unsolicited offers on multiple occasions,” he said.
Tan said the incoming buyer can carry additional and alteration works at the shophouses to maximise the gross floor area, noting that the property can be used as a boutique residential development, serviced apartment or co-living residence, subject to authorities’ approval.
“An enquiry on development baseline record was submitted for one of the shophouses. Assuming the baseline is similar for all seven shophouses, development charge may not be payable to maximize the gross floor area,” he added.
The EOI exercise for the shophouses closes on 24 March.
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