$5m price tag for shophouse in Tanjong Katong

[reporter2]

http://www.straitstimes.com/archive/...atong-20140903

$5m price tag for shophouse in Tanjong Katong

Published on Sep 3, 2014 1:22 AM


A FREEHOLD conservation shophouse building in Tanjong Katong Road went on the market yesterday with an indicative price of at least $5 million.

The price is based on a valuation done earlier this year, and works out to $2,017 per sq ft (psf) of the two-storey building's gross floor area of 2,478 sq ft.

The shophouse at 370/370A Tanjong Katong Road sits on a land parcel of around 1,484 sq ft.

It can have a maximum gross floor area of three times that size, according to the latest masterplan, its marketing agent CBRE said in a statement.

This translates to a price of about $1,123 psf per plot ratio (ppr).

The expression of interest for the shophouse closes on Oct 7.

The property, which is owned by a private individual, is zoned for residential use with commercial space on the ground floor.

It is surrounded by landed houses in the Goodman and Mountbatten area. There is also a public carpark directly across the road.

Ms Sammi Lim, associate director of investment properties at CBRE, said in a statement yesterday that the property was vacant, which would give

the buyer more flexibility in deciding what to do with it.

It is near the proposed Amber MRT station on the upcoming Thomson-East Coast Line, she added.

A two-storey conservation shophouse in Tanjong Katong was put up for sale in June this year, also by CBRE. That was larger, with a land area of about 2,025 sq ft. Its indicative asking price was $8.38 million, which works out to $1,379 psf ppr.

Its tender closed in July and Ms Lim told The Straits Times yesterday that the seller was in talks with potential buyers.

MELISSA TAN

[reporter2]

http://www.businesstimes.com.sg/arch...-sale-20140903

Published September 03, 2014

Tanjong Katong conservation shophouse valued at S$5m up for sale


A TWO-STOREY conservation shophouse along Tanjong Katong Road has been put up for sale through expression of interest. The latest valuation conducted this year puts the property's worth at S$5 million, which works out to S$2,017 per square foot for its gross floor area.

The freehold plot at 370/370A Tanjong Katong Road has a land area of about 1,484 sq ft; the current gross floor area is 2,478 sq ft.

Sammi Lim, associate director of investment properties at CBRE, the sole marketing agent for this expression-of-interest exercise, said: "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."

The property is zoned residential with commercial on the first storey; the 2014 Master Plan puts its gross plot ratio at 3.0.

Ms Lim said: "This is a rare opportunity that is being offered to the market on a vacant-possession basis, giving vast flexibility to the buyer, who can 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."

She added that, with the Eastern Region MRT Line to come, the neighbourhood is poised for continued rejuvenation; the property itself is within a five-minute walk of the proposed Amber station.

The expression-of-interest exercise ends at 3pm on Oct 7.