At the current guide price, this translates to $1,865 psf on the total floor area. (Picture: Shophouse Collective)
SINGAPORE (EDGEPROP) - A row of six HDB shophouses at 8 Lorong 7 Toa Payoh has been put up for sale in an expression of interest exercise, with a guide price of $15.86 million. (Find HDB flats for rent or sale with our Singapore HDB directory)
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According to a press release on Nov 1 from Shophouse Collective, the appointed marketing agents and a group under PropNex Realty, the owners of these shophouses have banded together to collectively sell their properties.
These properties have a total built-in area of 8,501 sq ft. At the current guide price, this translates to $1,865 psf on the floor area. Four of the shophouses are adjoining units and each has a ground-floor strata area of 743 sq ft.
The neighbouring fifth unit is a corner unit with an additional ground-floor strata area of 1,506 sq ft. But it does not contain a second floor. Three units away from this corner unit is the sixth unit, which has a ground-floor strata area of 753 sq ft and 646 sq ft of living quarters on the second floor.
“Therefore, it is possible for a single buyer to subsequently combine the four adjoining shops and the corner adjacent unit into one larger retail shop or supermarket, subject to relevant authorities’ approval,” says Agnes Low, an agent with Shophouse Collective.
She adds that the properties also enjoy an estimated rental yield of about 3% based on the existing rental income.
All the commercial spaces on the ground floor are tenanted, as well as the residential units on the second floor. The existing tenants comprise a laundromat, a spa, a clinic, a pet grooming business, a tuition centre, and a traditional Chinese medicine business.
The second floor is accessible by a lift lobby that leads to a common corridor. This enables the residential spaces to be leased separately from the commercial spaces.
As the units are classified as commercial properties, foreign buyers are eligible to purchase them. The additional buyer’s stamp duty only applies to the second-floor residential spaces, which Shophouse Collective says comprises a “smaller percentage of the valuation”.
The expression of interest exercise for the sale of these properties will close on Dec 2.
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