Five adjoining refurbished shophouses (pictured) at 9, 11, 13, 15 and 17 Teck Chye Terrace will be put up for sale by auction, Colliers International said in a release on Monday, 5 December.
Situated at the junction of Upper Serangoon Road and Boundary Road, the subject property is located along a street comprising a row of 15 shophouses, collectively known as the “Teck Chye food street”.
To be sold as an entirety, the shophouses come with a freehold tenure, and sit on a land area of approximately 7,861 sq ft. The total floor area is approximately 12,163 sq ft. According to Colliers, each shophouse has a side staircase for access to the upper storey.
Zoned for residential use under the 2014 Master Plan, the first storeys of all five units have obtained permanent approval for “Shop” use.
Grace Ng, Deputy Managing Director of Colliers International, says, “It is not often that a row of adjoining shophouse units is made available for sale as an entirety.
Ng said the indicative price for the subject property is at $13 million, which works out to around $1,069 per sq ft. “Typically, the average price of a similar suburban freehold shophouse ranges from $1,300 per sq ft to $1,500 per sq ft,” she added.
Notably, the shophouse units are all currently tenanted at a total rent of approximately $36,850 per month, with most of the tenancies expiring in 2016.
The subject property will be placed under the hammer on 22 January 2015.
Image source: Colliers International
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
