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Four-storey mixed-use building at River Valley Road for sale with S$24m guide price
A FOUR-STOREY mixed-use building at 286 and 288 River Valley Road is up for sale by expression of interest with a guide price of S$24 million, or about S$5,742 per square foot on land area, exclusive marketing agent CBRE said on Wednesday.
The building sits on a freehold site of about 4,180 square feet (sq ft), which is zoned "residential with commercial at the first storey" under the Urban Redevelopment Authority's Master Plan 2019.
Based on the existing plot ratio of 2.8, the property has a total built-up area of about 11,660 sq ft.
The property has a main road frontage of about 12 metres. The two ground-floor units are occupied by beauty services salons. The property also comprises six mechanical car park lots, CBRE said.
CBRE's head of capital markets for Singapore Michael Tay said the property features "compelling attributes" such as a freehold tenure, a regular layout and a prime location in District 9.
"Considering the palatable guide price for these attributes, we are optimistic that 286 and 288 River Valley Road will attract the interest of both owner occupiers and investors who take on a medium to long-term real estate investment view," he added.
The property will be an immediate turnkey income-producing asset for the successful buyer, Mr Tay said. The buyer can also consider a potential change of use for the property or alteration works, subject to relevant authorities' approval.
For instance, the upper floors can be changed to accommodate serviced apartments or a student hostel, while potential uses for ground floor units include a clinic, a childcare centre or a restaurant.
The property is "strategically located" along River Valley Road, which connects to the central business district and Orchard Road. It is a seven-minute walk to Fort Canning Park and an 11-minute walk to Robertson Quay.
Nearby landmarks include UE Square Shopping Mall and Liang Court, which is in the midst of upgrading to an integrated development comprising commercial, hotel and serviced apartments components.
Coupled with further rejuvenation plans along the Singapore River to improve pedestrian accessibility and to increase footfall, the value of real estate in the vicinity is expected to be enhanced, CBRE said.
Interested buyers should submit their offers to CBRE by 3pm on Sept 30.