CBRE is pleased to offer a prime freehold 2-storey conservation shophouse building along Tanjong Katong Road for sale through an Expression of Interest exercise.
The offering, located at 370 / 370A Tanjong Katong Road has a land area of approximately 1,484 square feet. The current gross floor area is approximately 2,478 square feet. The current zoning is Residential with Commercial at 1st storey and has a gross plot ratio (GPR) of 3.0 in the 2014 Master Plan.
370 / 370A Tanjong Katong Road is prominently and strategically located along Tanjong Katong Road, just after the junction of Bournemouth Road. The building is surrounded by landed houses in the Goodman/Mountbatten vicinity. This means it will be able to leverage the convenience offered by public transportation along the main Tanjong Katong Road, as well as the affluence of the profile of the neighbourhood. There is a big public car park located directly across the road, which provides convenient access for patrons of the F&B outlet on the ground floor.
Landmarks nearby include the Canadian International School (Tanjong Katong), Chatsworth International School (East Campus) and Parkway Parade.
370 / 370A Tanjong Katong Road is easily accessible via major arterial roads, Mountbatten Road and Tanjong Katong Road, and the numerous buses that connect to Dakota MRT Station (Circle line) and Paya Lebar MRT Station (East-West line/Circle line interchange) within 5 minutes. The area connects to other parts of the city via the East Coast Parkway (ECP), Marine Coastal Expressway (MCE) and Kalland Paya Lebar Expressway (KPE). The airport is a ten-minute drive away.
Tanjong Katong Road has in recent years evolved into a popular F&B enclave with an eclectic mix of well-known tenants, including Bar Bar Black Sheep, Ng Ah Sio Bak Kut Teh Eatery House, Eng’s Wanton Noodles, House of Seafood Restaurant, Hong Kong Street Chun Kee, Punggol Nasi Lemak, amongst others. The area combines a strong local heritage charm with a modern twist, which attracts crowds from all over Singapore.
Sammi Lim, Associate Director, Investment Properties, CBRE said “This is a rare opportunity that is being offered to the market on a vacant possession basis. This provides vast flexibility to the buyer, allowing them to explore various options for the property, whether for owner occupation or investment. The freehold status of this asset will also enhance its appeal to the market. In addition, with the recent announcement of the upcoming Eastern Region MRT Line, the area is well-poised for continued rejuvenation, and the property will be a key beneficiary as it is within a 5-min walk to the proposed Amber Station.”
“The latest valuation conducted in early this year reflects a price of $5 million. Based on the valuation price, this works out to $2,017 per square foot over gross floor area. Boutique shophouses have seen keen interest among buyers who are looking to create an iconic building of their own through alteration and addition works. At an attractive price quantum, we expect strong interest for the property from an extended pool of buyers.”
Parties that are known to be keen on such properties include developers, retailers, food and beverage operators, corporates, property funds, private-equity, family offices and high net-worth individuals, both local and overseas, who are looking for quality assets for enhancement, development, or potential rental and capital appreciation.
CBRE is the sole marketing agent for this Expression of Interest Exercise. The Expression of Interest closes on Tuesday, 7 October 2014 at 3pm.
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Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.