The three-storey property, which also features a roof terrace, sits on a 1,759 sq ft plot and has a total floor area of 5,200 sq ft. (Photo: PropNex)
A freehold shophouse at 5 Race Course Lane is on the market at a guide price of $8.8 million. The three-storey property, which also features a roof terrace, sits on a 1,759 sq ft plot and has a total floor area of 5,200 sq ft.
The guide price translates to $1,700 psf based on the floor area. The freehold property will be sold in expression of interest (EOI) exercise and is jointly marketed by agents at PropNex Shophouse Elites, a group under PropNex Realty.
The property is close to Farrer Park MRT Station on the North-East Line. Landmark commercial buildings in the vicinity include Musta Centre, City Square Mall, and One Farrer Hotel and Farrer Park Hospital.
The property is zoned residential with commercial at first floor. With a plot ratio of 3.5, the maximum GFA for the site comes out to 6,156 sq ft. Therefore, the site is yet to be maximized, with a potential additional 956 sq ft yet to be unlocked.
According to the marketing agents, a restaurant on the ground floor could be possible subject to approvals. The upper floors could also be converted to a co-living, student hostel, or commercial school, depending, subject to approvals.
“Commercial shophouses, particularly those in prime central locations such as Little India, are constantly sought after by investors” says Richard Tan, associate branch district director at PropNex, and founder of PropNex Shophouse Elite.
The expression of interest exercise for the sale of 5 Race course Lane will close on May 31.