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CBRE launches sale of four freehold shophouses on Macpherson Road
COMMERCIAL real estate services and investment firm CBRE has launched for sale four freehold shophouses along Macpherson Road via an expression of interest (EOI) exercise.
The four properties comprise an intermediate two-storey shophouse, two adjoining two-storey shophouses and a corner two-storey shophouse.
The properties are zoned “Residential with Commercial at first storey” with a gross plot ratio of 3.0 and a building height up to four storeys. With a total site area of about 6,089 sq ft or individual land size of about 1,500 to 1,529 sq ft, they can be redeveloped to a maximum gross floor area of about 18,267 sq ft.
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 Aug 8 at 3pm.
CBRE director of capital markets Sammi Lim said that the properties offer high visibility and come with existing F&B approvals, both considered a rarity 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 capitalise on the strong rental upside.” (see amendment note)
The shophouses are currently fully tenanted and offer immediate rental income stream. Three of the ground floor units are leased to food and beverage operators, and the fourth unit is tenanted to a minimart.
They are about seven minutes' walk from Tai Seng MRT station and a five-minute drive from Bidadari Estate, a 93 ha housing estate which is under development.
Amendment note: The quote from Mr Lim has been amended to state the shophouses will appeal to investors seeking income-producing properties, not CBRE income-producing properties. We apologise for the error.