http://www.straitstimes.com/archive/...-bloc-20150106

Five adjoining shophouses to be auctioned as single bloc

Published on Jan 6, 2015 1:28 AM


FIVE adjoining two-storey refurbished shophouses off Upper Serangoon Road have been put up for auction.

The shophouses at 9, 11, 13, 15 and 17 Teck Chye Terrace will be auctioned as a single bloc by property consultant Colliers International at the Amara Hotel on Jan 22. The units have freehold tenure and sit on land of 7,861 sq ft, with a total floor area of 12,163 sq ft.

Each shophouse has a side staircase for access to the upper storey.

Their collective indicative price is $13 million, or $1,069 per sq ft (psf). Under the 2014 Master Plan, the land is earmarked for residential use with a plot ratio of 3.

However, the first storey of all five units has permanent approval for shop use.

Colliers International deputy managing director Grace Ng said the indicative price was reasonable, given that the average value of a similar suburban freehold shophouse ranges from $1,300 psf to $1,500 psf.

Comparable transactions last year include a shophouse in Serangoon Garden Way that was sold at $2,478 psf in March and another in Serangoon Road that went for $1,556 psf in February.

"It is not often that a row of adjoining shophouse units is made available for sale as an entirety," said Ms Ng.

"We are optimistic that the subject property will greatly appeal to investors."