Property consultancy firm Jones Lang LaSalle has launched five adjoining shophouses along Upper Bukit Timah Road for tender.
The asking price for the group of properties located near Bukit Panjang Plaza, the future Ten Mile Junction development and The Rail Mall, ranges between S$9.5 million and S$10 million. This price translates to about S$408 psf ppr to S$426 psf ppr.
The freehold shophouse properties can be redeveloped into a residential project, with a maximum Gross Floor Area (GFA) of about 26,000 sq ft and a 2.5 plot ratio under the 2008 Master Plan.
Quek Soh Hoon, head of commercial investments at Jones Lang LaSalle, said that the tender of the nearby Ten Mile Junction last February attracted eight bids, and the site was eventually sold at S$437 psf of gross floor area.
With this, Ms. Quek said that the tender for the Upper Bukit Timah site is expected to attract good interest.
She added that the site offers the advantage of rental income, while the developer seeks approval from authorities for its redevelopment plan. A new residential project for the site can yield about 30 to 40 studio units and two-bedroom apartments.
The tender for the Upper Bukit Timah Road site will end on May 19.