Monday, October 15, 2012

Tanjong Katong Road shop-houses going for $10-$12 million

Bidding race begins for a pair of freehold 4-storey shop-houses.

The shop-houses are owned by a family trust, who is seeking offers in the region of $10 to $12 million, said sole Marketing Agent Jones Lang LaSalle, who is presenting for sale by tender, in a release.

The properties consist of two units of retail shops on the ground floor and six units of apartments on the upper floors within the gazetted Tanjong Katong Conservation area. The subject site is zoned Residential with Commercial on the 1st storey and has a Gross Plot Ratio (GPR) of 3.0. The land measures some 354.1 sq m (3,811 sq ft) and the total gross floor area is estimated to be 1,026.2 sq m (11,046 sq ft).

Tanjong Katong was given conservation status on 1 December 2003, and is characterized by the ornate Late Style and the more geometric Art Deco Style shop-houses together with the more streamlined Modern Style shop-houses built after World War Two.

Mr Karamjit Singh, Head of Investments & Residential at Jones Lang LaSalle comments: “Given the location and the three floors of residential space, the properties may be suitable for use as staff quarters or student hostel. These uses are however subject to the approval of the relevant authorities”.

“Alternatively, the buyer may wish to consider refurbishing the buildings before renting them for better rental yield, or to refurbish and strata-title them before selling them as individual shops and apartment units” adds Mr Singh.

Of late, the demand for mixed-use properties with retail space on the ground floor has been gaining popularity among property purchasers and investors. In fact, many mixed-use sites, such as Tai Keng Garden and Novena Ville, etc. that were put up for sale by tender were well-received by developers.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)

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