A two-storey prime freehold corner shophouse building (pictured) along Tanjong Katong Road has been put up for sale by tender, exclusive marketing agent CBRE announced today.
Located
at 362/A Tanjong Katong Road, the conservation shophouse zoned
residential with commercial on level one sits on a 2,025 sq ft land and
comes with a gross plot ratio of 3.0.
According to CBRE, the
property is fully tenanted, with a popular local restaurant bar
occupying the ground floor, and boutique studio units occupying the
upper floor.
Situated at the junction of Tanjong Katong Road and
Wilkinson Road, the property is surrounded by landed houses as well as
amenities that include the Canadian International School (Tanjong
Katong), Chatsworth International School (East Campus) and Parkway
Parade. CBRE also noted that a large public car park located directly
across the road provides "convenient access for patrons of the F&B
outlets located on the property’s ground floor."
Accessible via
major arterial roads as well as Mountbatten Road and Tanjong Katong
Road, the property is also served by nearby Dakota and Paya Lebar MRT
stations.
CBRE Director for Investment Properties, Galven Tan,
said: “With the existing F&B tenant in place, a buyer can
immediately reap strong rental returns in excess of 4 percent from the
steady cash flow that is currently in place. In the long term, there are
various development options available to the buyer.”
The firm
also noted that several unsolicited offers prompted the owner to sell by
means of public tender. “Amid the increased interest in mixed-used
properties, and the scarcity of such purchase opportunities in the
market, we expect the property to attract strong interest,” Tan added.
Tender exercises for the shophouse will close on Friday, 25 July.
(Image source: CBRE)
Nikki De Guzman, Junior Journalist at PropertyGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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