Three freehold shophouses in Lavender, Tiong Bahru up for sale

THREE freehold shophouses in Lavender and Tiong Bahru have been put on the market, sole marketing agent PropNex announced on Tuesday. 

On 26 and 28 Cavan Road are two adjacent shophouses up for sale with a guide price of S$23.8 million. Meanwhile, the corner shophouse at 259 Outram Road has an indicative price of S$12.5 million. 

The pair of shophouses in Lavender is available via an expression of interest (EOI) exercise, while the Tiong Bahru shophouse is up for sale by tender. 

26 CAVAN ROAD 

According to PropNex, 26 Cavan Road was transacted for S$15.8 million in August 2013.

Within the same vicinity, 48 Horne Road, an industrial site which has been granted permission for hotel usage, was transacted at S$18 million in March 2016. "Including development charge of approximately S$7.53 million, the total purchase cost for the 50-room hotel development was approximately S$25.53 million," said PropNex's associate branch director Loyalle Chin.

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Under the Urban Redevelopment Authority's (URA) Master Plan 2014, 26 Cavan Road has been zoned for hotel use. It is not subject to additional buyer's stamp duty (ABSD) and is eligible for purchase by foreigners.

With a land size of 1,919 square feet (sq ft) and official URA total floor area of 6,781 sq ft, the four-storey shophouse is tenanted to Hotel Snow. "Comprising 32 ensuite rooms, the rental yield is over 2.5 per cent," added Mr Chin. 

28 CAVAN ROAD

Under the URA's 2014 Master Plan, 28 Cavan Road is zoned "residential with commercial at first storey". It is subject to ABSD and conversion to other uses such as a hotel or student hostel is subject to the URA's approval, PropNex said. 

With a land size of 1,959 sq ft and a total floor area of about 6,800 sq ft, the four-storey shophouse is tenanted to a woodcraft shop on the ground storey and residential accommodation on the upper floors.

In June 2019, 2 Cavan Road, which has the same zoning as 28 Cavan Road, was sold for S$38.71 million to Kheng Leong Company, which is controlled by banking tycoon Wee Cho Yaw. 

The pair of shophouses at 26 and 28 Cavan Road can be purchased either together or separately. They are located between Lavender and Bendemeer MRT stations and about 330 metres from Bendemeer MRT station. 

259 OUTRAM ROAD 

Situated in the Tiong Bahru enclave, the shophouse at 259 Outram Road is near Singapore General Hospital and Outram Park MRT interchange, as well as the upcoming Havelock MRT station. 

It is currrently equipped with a backpacker hostel licence and tenanted to a hospitality operator on all storeys and a food and beverage restaurant on the ground floor. Zoned "residential with commercial at first storey" under the URA's Master Plan 2014, it is subject to ABSD.

With a land size of 2,168 sq ft, the four-storey shophouse comes with an open terrace accessible to house guests, with floor area totalling about 7,000 sq ft. 

The EOI exercise for 26, 28 Cavan Road will close at 5pm on July 15, while the tender for 259 Outram Road will end at 5pm on June 12.