Singapore, 12 July 2018 - CBRE has launched for sale a portfolio of four freehold shophouses along Macpherson Road by Expression of Interest (EOI). The portfolio comprises 514 Macpherson Road, an intermediate two-storey shophouse; 526 and 528 Macpherson Road, 2 adjoining two-storey shophouses and 534 Macpherson Road, a corner two-storey shophouse (collectively known as “the Properties”).
The Properties are zoned “Residential with Commercial at 1st-storey” with a gross plot ratio of 3.0 and a building height up to four storeys. With a total site area of approximately 6,089 sq ft (or individual land size of approximately 1,500 to 1,529 sq ft), the Properties can be redeveloped to a maximum allowable gross floor area (GFA) of approximately 18,267 sq ft (or individual unit with maximum allowable GFA of approximately 4,501 to 4,589 sq ft).
Located along Macpherson Road, the shophouses enjoy prominent main road frontage and are currently fully tenanted with immediate rental income stream. Three of the ground floor units are leased to F&B operators and the fourth unit is tenanted to a minimart. On-street car parking lots in front of the Properties and an open air public carpark in the vicinity provide ample car parking and convenient access for commercial use.
A short seven-minute walk from Tai Seng MRT station, the Properties enjoy seamless connectivity to the key precincts island-wide. In recent years, the Paya Lebar and Tai Seng areas have also undergone vivid transformation with the completion of several large-scale commercial, industrial and high-rise residential developments. Three HDB blocks at Macpherson Lane, which are located next to the Properties, have also been identified for the Selective En Bloc Redevelopment Scheme, and more development initiatives can be expected in the future. Bidadari Estate, a 93-hectare housing estate which is under development, is a five-minute drive away and will inject much vibrancy to the entire area. The government has also announced plans to relocate Paya Lebar Airbase in 2030 which will have implications on the redevelopment potential of the area.
Sammi Lim, Director, Capital Markets, CBRE said, “With excellent main road frontage, the units offer high visibility and existing F&B approvals which are quite rare in today’s market. We expect keen interest from developers, contractors, family offices and private equity funds who are actively seeking well located freehold shophouses to add to their land bank. These shophouses will also appeal to investors seeking income-producing properties for immediate rental income to capitalize on the strong rental upside. With added vibrancy from the upcoming Bidadari Estate and rejuvenation of the Macpherson Estate, potential buyers can expect to benefit from capital appreciation in the medium to long term.”
CBRE is the sole marketing agent for this EOI exercise and the Properties are offered for sale on a portfolio bundle or individual basis. The EOI exercise will close on 8 August 2018, Wednesday at 3pm.
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