Seven contiguous shophouses approved as serviced apartments up for sale
  • Investment Advisory
  • 18 February 2021

Seven contiguous shophouses approved as serviced apartments up for sale

SINGAPORE, 18 FEBRUARY 2021 – EDMUND TIE, the sole marketing agent for the sale of 296 to 308 Lavender Street (even-numbered lots only), is pleased to offer the seven adjoining units of shophouses for sale via an expression of interest exercise.

The freehold shophouses enjoy triple road frontage with prominent visibility along the main thoroughfare of Lavender Street. With a combined site area of 1,217.7 sq m (approximately 13,107 sq ft), the shophouses boast a total gross floor area of around 1,637.5 sq m (approximately 17,626 sq ft). All the ground floor units are approved for F&B use.

Under the URA Master Plan 2019, the shophouses are zoned “Residential with Commercial at 1st Storey” with a plot ratio of 3.0 and maximum allowable gross floor area of 3,653.1 sq m (approximately 39,322 sq ft).

An Outline Planning Permission has been granted by URA for a change of use to Serviced Apartment at plot ratio 3.0. As the shophouses are located within the Jalan Besar Secondary Settlement Conservation Area, rear extension of up to 6-storeys can be allowed.

Strategically located at the city fringe, the subject property is located approximately 350 metres away from Bendemeer MRT station. It is also a short drive from the Central Business District (CBD) and Orchard Road. The property enjoys excellent connectivity to other parts of Singapore via Pan Island Expressway (PIE) and Central Expressway (CTE).

Some prominent landmarks in the precinct include CT Hub, Aperia Mall, Mustafa Centre and City Square Mall. The Lavender and Jalan Besar precincts have undergone exciting rejuvenation with the addition of new commercial developments such as ARC 380 and Centrium Square. The upcoming completion of nearby residential estates such as Kempas Residences and Towner Crest will also contribute to higher footfall and buzz in the area. In recent years, the area has become a hotspot for lifestyle amenities, hotels, hostels, eateries and cafes.

The region will also benefit from developments on-going at the nearby Kallang River, which is slated to become a lifestyle hub with a mix of offices, hotels, retail and entertainment facilities under the current Master Plan. Plans are underway to develop Kampong Bugis and transform the existing Kallang Industrial Estate into a vibrant mixed-use waterfront precinct. More sporting and community facilities will also be introduced to area.

Executive director of investment advisory, Mr Tan Chun Ming, commented: “It is increasingly rare to have a contiguous row of shophouses available for sale. 296 to 308 Lavender Street, originally part of a portfolio of nine assets to be liquidated, was sold via a tender process in 2010. The property marketed by the former DTZ, now known as EDMUND TIE, received overwhelming responses then.”

He added: “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.”

“The incoming buyer can value add to the shophouses by carrying out Additional & Alteration works to maximize the gross floor area. Due to the vibrant locale, the property is well-suited for a variety of uses such as a boutique residential development, serviced apartment or co-living residence, subject to authorities’ approval,” he commented.

“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.”

The guide price for the property is $60 million, reflecting $1,526 per sq ft on the proposed total gross floor area of 39,322 sq ft.

The expression of interest exercise for 296 to 308 Lavender Street will close on Wednesday, 24 March 2021 at 3pm.

ENDS

For further information, please contact:

Wong Wei Chen
Senior Manager, Corporate Communications
O: +65 6393 2369
Email: weichen.wong@etcsea.com

Back
to Top