The guide price works out to $1,176 psf on the existing floor area. (Photo: CBRE)
A cluster of five adjoining shophouses along 824-836 Upper Bukit Timah Road have been put up for sale by public tender, said marketing agent CBRE.
The guide price for the row of shophouses, with commercial space on the ground floor and residential units on the upper floor, is $20 million. This works out to $1,176 psf on the existing gross floor area (GFA) of approximately 17,000 sq ft.
According to CBRE, the 10,259 sq ft freehold site has a prominent 32-metre frontage. Zoned residential with a gross plot ratio of 2.5 in the 2014 Master Plan, it could be redeveloped into a six-storey residential development with a total GFA of about 27,848 sq ft, a mixed commercial-residential project, or a six-storey serviced apartment block, subject to approval from the authorities.
Galven Tan, Director, Investment Properties at CBRE, said: “There has been a significant pick up in land sales activity in recent months. Developers and investors are extremely eager to replenish their land bank. The owner received multiple enquiries to buy these shophouses and thus decided to put the properties for public tender. The asking price has been reduced by 25 percent from the last marketing exercise in 2013.”
He added: “We expect the tender to garner interest from contractors and developers who are actively seeking to purchase a strategically located freehold development plot.”
Nearby amenities include the Bukit Panjang MRT-LRT Interchange station and Cashew MRT station on the Downtown Line, as well as several schools. The site is also expected to benefit from the transformation of the Rail Corridor.
CBRE said the tender exercise will close on 18 November 2016.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
