Feb 13, 2020
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The shophouses at 65 and 67 Neil Road carry an indicative price of $15.57 million, which works out to $2,800 per sq ft (psf) based on their total gross floor area (GFA) of 5,563.7 sq ft.

Two conversation shophouses in Neil Road and three other shophouses with adjoining vacant lot in Jasmine Road have been put up for sale, via two separate expression of interest exercises, revealed Colliers International.

The shophouses at 65 and 67 Neil Road carry an indicative price of $15.57 million, which works out to $2,800 per sq ft (psf) based on their total gross floor area (GFA) of 5,563.7 sq ft.

Located within the prime Tanjong Pagar planning area, the two-storey shophouses sit on 2,703.6 sq ft sq ft site, with a 99-year land tenure that started on 4 July 1989. It is near the Outram Park and Tanjong MRT stations on the East-West Line and enjoys prominent frontage to Neil Road.

“Apart from their rarity and prime location, these shophouses at Neil Road are attractive as they enjoy strong tenant covenant and has the potential to increase GFA via addition and alteration works, subject to relevant approvals,” said Steven Tan, senior director of capital markets at Colliers International.

“Additionally, there is ample space at the rear of the property for the loading and unloading of supplies as well as the setting up of an alfresco F&B area, subject to approval. We believe there is an upside for rental revision, particularly in a robust leasing market with limited supply.”

Currently, the ground floor of both shophouses as well as 67 Neil Road’s second level are tenanted to an entertainment establishment that has been leasing the space for many years.

The second floor of 67 Neil Road, on the other hand, is vacant, allowing the successful buyers to revitalise the space. Colliers noted that the space can be used for clinic, restaurant, gym/fitness centre, commercial school, karaoke, night club, student hostel and residential use, subject to the Urban Redevelopment Authority’s approval.

Since the site is zoned for commercial use under the 2019 Master Plan, no additional buyer’s stamp duty (ABSD) and seller’s stamp duty (SSD) will be imposed.

The EOI exercise for 65/67 Neil Road closes on 12 March.

Meanwhile, the three shophouses at 7, 9 and 11 Jasmine Road as well as the adjoining vacant lot that belongs to the owner of 11 Jasmine Road carry a $22.88 million guide price.

Including the estimated development charge for the property, the price works out to $1,185 psf based on the 21,363 sq ft proposed GFA upon redevelopment.
Comprising a mix of two- and three-storey properties, the freehold shophouses and the adjacent lot behind the shophouses occupy a combined site area of 7,121 sq ft. With a gross plot ratio of 3.0, the site is zoned residential with first-storey commercial under the 2019 Master Plan.

It is surrounded by a landed housing estate and is near the upcoming Upper Thomson MRT station on the Thomson-East Coast Line as well as the Marymount MRT station on the Circle Line. Nearby amenities include Junction 8 shopping mall, Sin Ming Plaza, Thomson Plaza, MacRitchie Reservoir Park, Whitley Secondary School and Catholic High School.

Subject to approvals, the site could be redeveloped into a four-storey building with commercial space on the first floor and around 16 housing units, measuring 861 sq ft on average.

The EOI exercise for the Jasmine Road shophouses and adjoining lot closes on 19 March. Colliers added that the shophouses can be acquired collectively or separately.

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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

 

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