Sep 4, 2019
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Both sets of freehold shophouses are zoned commercial under the 2014 Master Plan with a gross plot ratio of 3.

Two sets of conservation shophouses have been put up for sale via expression of interest (EOI), with the first set involving a row of seven conservation shophouses in Geylang, revealed marketing agent Knight Frank.

The second involved two adjoining shophouses at Joo Chiat Road.

Both sets of freehold shophouses are zoned commercial under the 2014 Master Plan with a gross plot ratio of 3.

With a guide price of $40 million to $42 million, the row of seven shophouses are situated at the corner of Geylang Road and Lorong 14 Geylang, near Aljunied MRT station. They are nestled on a 10,520 sq ft site and have a gross floor area of about 18,000 sq ft.

Currently, the block is fully tenanted and comprises a corner coffeeshop, Thai massage parlour, mobile phone retailer and other retail trades.

Knight Frank noted that the ground floor of the shophouses are suitable for F&B outlets and retail uses, while the upper levels can be designated for office use.

“There is potential for a prospective buyer to refurbish the shophouses based on conservation guidelines by URA. As this is a secondary settlement area, there is also room for rear extension of up to a maximum height, subject to approval from the authorities,” said Mary Sai, executive director of investment and capital markets at Knight Frank Singapore.

“The combined large floor plate of the seven adjoining shophouses allows for flexibility in space reconfiguration for the new owner, to meet needs be it for owner-occupation or investment,” she added.

Meanwhile, the two shophouses at Joo Chiat Road have a guide price of $7 million to $7.5 million.

Situated near the junction of Koon Seng Road and Joo Chiat Road, the freehold shophouses sits on a 2,393 sq ft site and have a gross floor area of about 4,600 sq ft.

They are nestled within the popular food street comprising a mix of restaurants, F&B outlets and hotels. Nearby shopping amenities include Parkway Parade, Kinex, 112 Katong, SingPost Centre and Paya Lebar Square. Also within the vicinity are Paya Lebar MRT Interchange and the upcoming Marine Parade MRT station.

“We expect good levels of interest from owner-occupiers and investors looking to develop a presence in the Joo Chiat conservation area. The unique architectural façade and character of the shophouses are unrivalled in cosmopolitan Singapore, coupled with the vibrancy and interesting trade mix of the neighbourhood,” said Sai.

Since both sets of shophouses are zoned commercial, foreigners and companies are allowed to acquire them, with no Seller’s Stamp Duty and Additional Buyer’s Stamp Duty payable.

The EOI for both sets of properties closes on 3 October.

Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

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