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Two corner shophouses in Lavender for sale with S$13.2m guide price
TWO freehold corner shophouses in the Lavender/Kallang precinct are up for sale via expression of interest with a guide price of S$13.2 million, sole marketing agent Savills Singapore said on Tuesday.
The property, located at 52 Foch Road, comprises a pair of two-storey conservation shophouses with attic, with a four-storey rear extension. They sit on a freehold site of about 2,848 square feet (sq ft), and have an existing built-up area of about 8,417 sq ft.
Under the Urban Redevelopment Authority's Master Plan 2019, the property is zoned "commercial" under the Jalan Besar Secondary Settlement Conservation Area, which allows for rear extension of up to six storeys.
Savills Singapore said the property, which is located at the beginning of Foch Road/Lavender Street, boasts "high visibility", with about 18 metres of "prominent" main road frontage along Jalan Besar.
It "enjoys high footfall throughout the day" and is opposite the recently completed Arc 380, a mixed-use commercial development, it added.
The property has "restaurant" approval on the ground floor, and is tenanted out to a coffee shop operator. Office tenants are located on the upper floors.
52 Foch Road is equipped with a set of concrete staircases, concrete flooring, and a modern lift serving units on the upper floors. All seven units come with en-suite toilets and individual air-conditioning systems, while selected units on the upper floors enjoy double volume ceiling height.
Subject to approval from relevant authorities, potential alternative uses of the property include a cafe, a fitness centre and a showroom, as well as for educational, retail, healthcare, medical, home and living, and lifestyle businesses, Savills Singapore said.
Savills Singapore senior manager of investment sales and capital markets Sophia Lim said the property will "provide the buyer with the flexibility to configure the space to suit an entire spectrum of commercial uses".
"This is a rare opportunity for both investors and end-users to own a pair of freehold commercial shophouses that come with both F&B (food and beverage) approvals and modern specifications (including a lift) in the heart of the Lavender/Kallang precinct," she added.
52 Foch Road is located 270 metres from Bendemeer MRT Station, and is an eight-minute drive from the central business district. Prominent landmarks in the vicinity include Arc 380, Aperia Mall and CT Hub.
Savills Singapore said the area had seen "vibrant transformation" in recent years with the introduction of high-rise residential and large-scale commercial developments offering a range of entertainment, cultural and lifestyle attractions, resulting in "extremely high footfall and immediate catchment".
It added that the area will continue to benefit from new developments in the vicinity, such as upcoming mixed developments Sturdee Residences and 2 and 21 Cavan Road.
Ms Lim added that city fringe locations like Lavender had become popular among investors in recent years, due to their rental upside and potential for capital gains.
Of "particular interest" are corner shophouses with high visibility, she said.
There will be no additional buyer's stamp duty or seller's stamp duty for the property. Both foreigners and companies are eligible to purchase.
Expression of interest for the portfolio will close on Aug 17 at 3pm.