Singapore, 26 October 2016 – CBRE is pleased to offer a single cluster of five adjoining shophouses along Upper Bukit Timah Road for sale through a Public Tender exercise.
The row of shophouses along 824-836 (Even Nos.) Upper Bukit Timah Road sits on a freehold tenure site with a combined land area of approximately 10,259 square feet and an existing total floor area of approximately 17,000 square feet; enjoys an excellent frontage of approximately 32 meters along Upper Bukit Timah Road.
The shophouses comprise a single cluster of five adjoining two-storey shophouses with commercial use on the ground floor and residential use on the upper floor. It is currently fully tenanted with immediate and robust rental income stream. A row of public car park lots are available at the front, which provides convenient access for commercial uses on the ground floor.
Located approximately 500m from Bukit Panjang MRT-LRT Interchange station and Cashew MRT station on Downtown Line, the Property is connected directly to key precincts in the city centre including Marina Bay, Bugis and Chinatown. The immediate neighbourhood is surrounded by high-rise residential developments and thus the shophouses enjoys immediate residential catchment. Esteemed schools within the vicinity include Bukit Panjang Primary School and CHIJ Our Lady of Peace.
The properties offer multiple development opportunities to maximize the potential of the land use. These include 1. Full residential development of up to plot ratio 2.71 (including balconies); 2. Additions & Alteration to retain the prime street fronting ground floor shop units and additional residential space on the upper floors; 3. Serviced Apartments (subject to approval).
The properties are zoned “Residential” with a gross plot ratio (GPR) of 2.5 in the 2014 Master Plan and can be developed to a new 6 storey residential development with a total GFA of approximately 27,848 square feet, which is equivalent to Plot Ratio 2.71. The development charge for full residential including balconies has been paid. Given the prominent main road frontage, the ground floor commercial space is suitable for showrooms including approvals for eating house and bar (pub) cum karaoke lounge in two of the units. Through an A&A exercise, a potential buyer can increase the GFA of the upper floor residential units to a maximum total GFA of approximately 24,566 sq ft.
Alternatively, the potential buyer can choose to redevelop the Property into a 6-storey serviced apartment block according to an Outline Permission previously granted by the authority, subject to further evaluation and approvals.
Galven Tan, Director, Investment Properties, CBRE said, “This is an exceptional offering as themarket is starved of development sites offering multiple development angles. Prominent main road frontage is key to business users requiring showroom space and the 5 adjoining units allow extra flexibility and creativity to configure the space to suit different requirements. The existing units with eating house and bar(pub) cum karaoke approvals further expand the options of usage.”
Potential buyers are expected to enjoy strong capital upside in the medium term in conjunction with the completion of the integrated shopping and residential development, Hillion Residences, which would be integrated with a bus-interchange with underground connections to Bukit Panjang MRT station and the transformation of the Rail Corridor.
“There has been a significant pick up in land sales activity in the 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 per cent from the last marketing exercise in 2013.” Galven added.
The guide price for this row of shophouses is $20 million, which works out to $718 per square foot per plot ratio or $1,176 per square foot on existing floor area. In 2013, the property was in the market with a guide price of $26.5 million.
“There is strong interest and ensuing demand from investors seeking income producing property with vast potential for asset enhancement to unlock further capital values of the asset and capitalize on a strong rental upside. We expect the tender to garner interest from contractors and developers who are actively seeking to purchase a strategically located freehold development plot“. Galven explained further.
CBRE is the sole marketing agent for this Public Tender Exercise.
The tender closes on 18 November 2016, Friday at 3 pm.
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