Seven shophouses at Lavender Street up for sale with S$60m guide price

SEVEN adjoining shophouses comprising even-numbered lots at 296 to 308 Lavender Street are up for sale with a guide price of S$60 million.

This works out to S$1,526 per square foot (psf) on the proposed total gross floor area (GFA) of 39,322 square feet (sq ft), sole marketing agent Edmund Tie said in a press statement on Thursday.

The expression of interest exercise for the seven shophouses will close on March 24 at 3pm.

The freehold shophouses have triple road frontage, with prominent visibility along the main thoroughfare of Lavender Street, Edmund Tie said.

They have a combined site area of about 13,107 sq ft, and a total GFA of around 17,626 sq ft. Accordingly, the indicative price translates to about S$3,404 psf on the total GFA.

Under the Urban Redevelopment Authority's (URA) 2019 Master Plan, the shophouses are zoned residential with commercial on the first storey, along with a plot ratio of 3.0, and a maximum allowable GFA of 3,653.1 square metres, or about 39,322 sq ft.

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All the ground floor units are approved for food and beverage use.

According to Edmund Tie, an outline planning permission has been granted by URA for a change of use to serviced apartment at the same plot ratio. As the shophouses are located within the Jalan Besar Secondary Settlement Conservation Area, rear extension of up to six-storeys can be allowed.

The property is situated at the city fringe and located about 350 metres away from Bendemeer MRT station.

Prominent landmarks in the precinct include Aperia Mall, Mustafa Centre and City Square Mall. The upcoming completion of nearby residential estates such as Kempas Residences and Towner Crest will also contribute to higher footfall in the area, Edmund Tie said.

In addition, the region should also benefit from developments ongoing at the nearby Kallang River, which is slated to become a lifestyle hub with a mix of offices, hotels, retail and entertainment facilities.

Tan Chun Ming, Edmund Tie's executive director of investment advisory, noted that 296 to 308 Lavender Street was originally part of a portfolio of nine assets to be liquidated, and was sold via a tender process in 2010.

He added that the site was initially affected by tunnel reserves, which limited its potential development. However, this restriction has been removed over the years, Mr Tan said.

Separately, he also noted that an enquiry on development baseline record was submitted for one of the shophouses. "Assuming the baseline is similar for all seven shophouses, development charge may not be payable to maximise the gross floor area," said Mr Tan.