SINGAPORE (EDGEPROP) - Two adjoining freehold shophouses at 297 and 299 Tanjong Katong Road are on the market for $13 million, announced Showsuite Consultancy, the property firm managing the sale. The price translates to $1,127 psf on the existing gross floor area.
Located within the Tanjong Katong Conservation Area, the four-storey property is owned by a family trust. The 3,811 sq ft site is zoned under “Residential with Commercial on the 1st storey’” with an allowable plot ratio of 3.0. The property comprises two ground-floor shops and six apartments on the upper floors, with a combined gross floor area of about 11,530 sq ft.
“The vendors have been granted an Outline Approval by URA for a proposed change of use of the current residential component to serviced apartments on a temporary three-year permission, whilst retaining the shops in its present form,” says Karamjit Singh, CEO of Showsuite Consultancy.
He adds that the redeveloped site would be suitable as a boutique co-living development, with F&B or other services in the shop space below. Alternatively, a student housing option could be explored, he says. “If done well, the complete investment could yield north of 3% per annum net returns, which is lucrative especially for a freehold asset,” says Singh.
The public tender closes on March 11.
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